The Dubai-based shisha manufacturer Al Fakher has hired Rothschild and Co. to advise on strategic options, including a possible initial public offering, two sources familiar with the matter said, reports Reuters.
An IPO would take place in the region, either on Saudi Arabia’s Tadawul or the Abu Dhabi Securities Exchange, the sources said.
Al Fakher is owned by Advanced Inhalation Rituals, a private company that is majority owned by London-based Kingsway Capital.
Al Fakher, which was founded in 1999, makes flavored shisha molasses for use in hookah and is sold in more than 100 countries, according to its website.
Middle East companies bucked global trends last year to raise about $22 billion through IPOs, according to Dealogic, which was more than half the total for the wider Europe, Middle East and Africa region.