Saudi Arabia’s Wealth Fund Is Said to Explore Tech Unit’s IPO

Saudi Arabia’s Public Investment Fund is exploring an initial public offering of a wholly-owned technology firm, according to people familiar with the matter, as the kingdom steps up efforts to raise cash for its economic diversification drive.

Banks have been invited to pitch for roles on a potential share sale of Saudi Information Technology Co., or SITE, the people said, asking not to be named discussing private information. The deliberations are at an early stage and details such as the size and timing of the offer are still under discussion, the people said.

A representative for the PIF declined to ...