HSBCand Saudi British Bank (SBB)have been appointed to lead manage the initial public offering (IPO) in the kingdom’s biggest insurance company, National Company for Co-operative Insurance (NCCI –see Special Report, pages 29-30).Under the mandate, HSBC and SBB are working towards completing the IPO by the end of this year. The appointment comes two months after the Supreme Economic Council gave the go-ahead for the sale to the public of 50 per cent of NCCI’s shares held by the Public Investment Fund (PIF). The other shares will continue to be held by the General Organisation for Social Insurance (GOSI) and the Retirement Pension Agency, both of which have a 25 per cent stake in NCCI. In May, NCCI was assigned an A- rating by Standard & Poor’s (S&P). NCCI has subscribed capital of SR 500 million ($133 million) and a network comprising three regional offices and 22 branches and sales offices across the kingdom. The NCCI mandate is the second won by the HSBC/SBB team, which is also working on the planned IPO in Saudi Arabia’s largest dairy firm, Almarai Company(MEED 16:7:04). Several other IPOs are planned, including offerings in Al-Watan– a newly formed Islamic bank – and The Power & Water Utilities Company for Jubail & Yanbu (Marafiq).