Advanced Inhalation Rituals (AIR), a Dubai-based producer of shisha molasses, has invited banks to pitch for roles in its planned initial public offering (IPO), which is expected next year, according to anonymous sources with knowledge of the matter, which is not public, reports Reuters.
AIR has not decided on a listing venue yet, but Abu Dhabi and Dubai are among the options.
Majority owner of AIR, Britain’s Kingsway Capital, is looking to follow a dual-track process where a seller pursues a sale and an IPO simultaneously. Rothschild and Co. is acting as financial advisor to AIR.
Last month, Kingsway Capital started meetings with tobacco firms such as BAT and Japan Tobacco.