Dubai logistics firm Tristar seeks banks to advise on IPO

Dubai logistics firm Tristar has asked investment banks to pitch for advisory roles for its planned listing in London, two sources told Reuters.

Tristar is seeking to raise $250m in a potential public share sale this year, said one of the sources, who declined to be named due to commercial sensitivities.

Moelis & Co is acting as an independent financial advisor, the source said.

Tristar was not immediately available for comment when contacted by Reuters on Wednesday. Moelis declined to comment.

The company is a liquid logistics provider catering to the needs of the petroleum and chemical industries, according to its website.

It is co-owned by Kuwait’s Agility, Kuwait’s Gulf Investment Corporation (GIC) and Tristar’s chief executive and founder Eugene Mayne.

It sold an equity stake to GIC for $100m in November 2017, Dubai newspaper Gulf News reported citing an interview with Mayne, in which he was quoted as saying the company intends to list the company within three to five years.

Tristar’s customers include Abu Dhabi National Oil Company, Royal Dutch Shell, BP, Total, DOW, Emirates National Oil Company, according to its website.