Reuters: Private Equity: Saudi's Health Water eyes 30 pct IPO in 2013-sources

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Saudi's Health Water eyes 30 pct IPO in 2013-sources Apr 23rd 2012, 10:00 Mon Apr 23, 2012 6:00am EDT * Co owned by Saudi conglomerate Olayan Group * Hires Morgan Stanley as financial advisor - sources * IPO may raise 300 mln-500 mln riyals - source * IPO scheduled for Q1 2013 listing - source By Dinesh Nair DUBAI, April 23 (Reuters) - Health Water Bottling Co Ltd, a company owned by Saudi Arabian conglomerate Olayan Group, is planning to go public by issuing 30 percent of its shares in a flotation in the first quarter of 2013, three sources said. Health Water, which was formed in 1973 and is the sole distributor of Holsten non-alcoholic beer and Power Horse energy drink in the kingdom, is planning to raise between 300 million and 500 million Saudi riyals ($80 million-$133 million) from the public offering, said one of the sources. Health Water, which also owns the "Nova" mineral water brand, has hired Morgan Stanley as financial advisor to manage the sale, the sources said, speaking on condition of anonymity as the matter is not public. "It's a pretty good business which generated about $120-$130 million in net income last year. A float from the group is going to generate investor interest," the source said. Health Water officials were not immediately available for comment. Olayan Group is one of the largest family-owned firms in the kingdom and owns a sizeable stake in Swiss bank Credit Suisse. It has a multi-billion dollar portfolio of investments spread across major asset classes globally. Link this Share this Digg this Email Reprints

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