Saudi PIF-Backed Cooling Firm Taps Citi, SNB Capital for IPO

Saudi Tabreed District Cooling Co.is working with Citigroup Inc. and SNB Capital for a potential initial public offering in Riyadh, according to people familiar with the matter.

The firm, backed by the kingdom’s sovereign wealth fund and a United Arab Emirates company, could go public as soon as this year, two of the people said, asking not to be identified as the information isn’t public. No final decisions have been made, with details like size and exact timeline still under discussion, they said.

Representatives for the Public Investment Fundand SNB did not respond to requests for comment, ...