Riyad Capital Said to Eye Saudi IPO at $2.5 Billion Valuation

Saudi Arabian lender Riyad Bank is working with JPMorgan Chase & Co.on a potential initial public offering of its investment banking arm, according to people familiar with the matter.

Riyad Capitalcould sell shares to the public as early as mid-2025 at a valuation of around $2.5 billion, the people said, declining to be identified while discussing confidential information. No final decisions have been taken, with details like size and exact timeline still under discussion, according to the people.

Representatives for Riyad Capital and JPMorgan declined to comment.

The kingdom’s third largest lender had said it was weighing a ...