RIYADH: Al Borg Diagnostics plans to raise $350 million for its planned initial public offering in the Saudi market, which is set to take place in the second half of this year, Bloomberg reported citing unnamed sources. The firm, owned by Investcorp, a major alternative asset manager in the Middle East, has selected EFG-Hermes Holding Co. and GIB Capital to assist with its potential IPO. Founded in 1998 in Jeddah, Al Borg has grown to become one of the largest chains of private laboratories in the Gulf Cooperation Council.