Asia Tech Wire (July 15) -- Saudi Arabia's sovereign wealth fund has picked banks for the planned IPO of Nupco, the kingdom's largest healthcare procurement company, according to Bloomberg.

Saudi Arabia's Public Investment Fund (PIF), one of the world's largest sovereign wealth funds, has hired JPMorgan Chase, Morgan Stanley and SNB Capital for Nupco's IPO, the report said, citing people familiar with the matter.

The PIF may raise nearly $1 billion by selling a 30% stake in the company, the people said.