Jordan's Fine Hygienic Holding is considering an initial public offering on the London Stock Exchange as early as next year as the company looks to expand in new markets and invest about $100 million (Dh367m) to set up its sixth paper mill in the Mena region, its chief executive said.

Fine has already done “a bit of a preparation” for its IPO but is yet to decide how much of a stake it will sell in the public offering, James Lafferty told The National .

The company plans to surpass its target of $75m in earnings before interest, tax, depreciation and amortisation (Ebitda) this year, an important milestone for its listing plans, Mr Lafferty said.

“The big target is the IPO … the earliest is 2021. The original target was 2022 but we are seeing if it can come forward. Once you go over $75m [in Ebitda] then you can start to get serious [about the deal],” Mr Lafferty said.

He said that timing and market sentiment will be critical. Fine has yet to engage investment banks on the potential IPO.

Companies from the Middle East are increasingly looking to list shares in London amid lacklustre trading on local markets.

The LSE is home to UAE payment provider Network International, foreign exchange company Finablr and Jordan's Hikma pharmaceutical company.

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