Saudi Tech Firm Ejada Taps Goldman for IPO at $1.5 Billion Value

Ejada Systems Ltd. is considering an initial public offering in Riyadh at a valuation of as much as $1.5 billion, marking a rare listing by a technology services firm in Saudi Arabia.

Goldman Sachs Group Inc. and Al Rajhi Capital have been hired to arrange the potential offering, which could come in the next few months, people familiar with the matter said, asking not to be identified as the discussions are confidential.

Ejada is owned by Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets. The bank could look to sell at least 30% in the business, according to the ...