Saudi Arabia’s chemical powerhouse SABIC is considering an initial public offering (IPO) of its industrial gases business, as the company explores ways to unlock value and strengthen its position in global capital markets.
According to people familiar with the matter, SABIC is in early-stage discussions about spinning off the unit, which supplies essential gases used across petrochemicals, manufacturing, healthcare, and energy sectors. A listing could come as early as 2025, depending on market conditions and regulatory approvals.
The potential IPO would align with Saudi Arabia’s broader strategy to diversify its economy and increase private sector participation under the Vision 2030 framework. It would also allow SABIC to streamline its portfolio and raise capital to invest in low-carbon technologies and sustainable materials. 
Industry analysts view the industrial gas business as a lucrative and stable asset, benefiting from rising demand in sectors such as green hydrogen, semiconductors, and clean manufacturing. The move could attract both regional and global institutional investors looking for exposure to the Kingdom’s evolving industrial base.
If pursued, the IPO would add to a growing pipeline of Saudi corporate listings, further cementing the Kingdom’s status as a regional financial hub.
