Emirates: Emirates Global Aluminium (EGA) is weighing a potential initial public offering next year, sources said, in what could be one of the biggest share sales in the United Arab Emirates in recent years.

EGA, one of the world’s largest aluminum producers, is examining proposals from banks which pitched for advisory roles, said three sources familiar with the matter, who declined to be named as the matter is not public.

EGA declined to comment when contacted by Reuters on Thursday.

The company is considering offering between 10 percent and 20 percent of its shares to investors and initial estimates from banks value the company from $16 billion to $19 billion, sources said.

One of the sources said EGA expects banks to take a fresh look at its valuation, and to test investor appetite on the deal and other factors.

Aluminium prices in Europe and the United States have hit a record this month and could influence appetite for the IPO, they said.

Rothschild & Co. is acting as financial adviser on the transaction, they said. Rothschild did not respond to a request for comment.

A decision from EGA on bank mandates is yet to be communicated, but the sources expected the deal would include several international investment banks alongside local lenders First Abu Dhabi Bank and Emirates NBD.

First Abu Dhabi Bank did not respond to a request for comment. Emirates NBD declined to comment.

EGA, which is jointly owned by Abu Dhabi state investor Mubadala and Investment Corp. of Dubai, was formed in 2013 through a merger of state-owned Dubai Aluminium and Abu Dhabi’s Emirates Aluminium. Mubadala declined to comment. ICD did not respond to a request for comment.

The company has smelters in Abu Dhabi and Dubai and a bauxite mine in Guinea. It reported 4.1 billion dirhams ($1.1 billion) of core earnings for last year, up from 2.5 billion dirhams a year prior.

A previous plan to list EGA was delayed in 2018 after US President Donald Trump imposed tariffs on aluminum exports from the Emirates. Trump lifted the tariffs before leaving office but President Joe Biden reimposed them in February.

The UAE is seeing to boost stock market listings this year as state entities look to monetise assets. Abu Dhabi National Oil Co. is planning an IPO of its drilling business, and a flotation of Fertiglobe, a fertilizer joint venture with Dutch-listed chemical producer OCI, later this year.