RIYADH: Rawabi Energy Co., a unit of Rawabi Holding Co., seeks to raise $500 million in funding ahead of a potential initial public offering on Saudi Arabia’s stock market. The potential IPO could take place later this year and value the company at $1 billion, Bloomberg reported citing unnamed sources. The sources said Rawabi is working with investment banking firm Evercore in preparation for the funding. It is also currently in talks with banks to select a financial advisor for the offering, the sources added. Rawabi Holding and Evercore declined to comment to Bloomberg on the news.