Mubasher: EFG Hermes, an EFG Holding company, has advised on Jamjoom Fashion Trading Company’s initial public offering (IPO) and listing on the Parallel Market (Nomu) of the Saudi Exchange.
For the first time, EFG Hermes acted as both sole financial advisor and lead manager for the Saudi company’s IPO, according to a press release.
Jamjoom Fashion offered 2.38 million ordinary shares, representing 30% of its share capital, through a sale of shares owned by its parent company, Kamal Osman Jamjoom Trading Company.
The offering attracted strong participation from a diverse base of high-quality local and international Qualified Investors, with strong participation from Saudi accounts.
Despite the challenging market conditions, the highest participation rates from foreign investors in recent IPO reflect the strength of the transaction, resulting in an order book of SAR 1.55 billion, equivalent to 4.5x oversubscription.
Saud Al Tassan, CEO of EFG Hermes KSA, commented: “This transaction marks a significant milestone in the Company’s growth while highlighting the depth and resilience of the Saudi capital markets. At EFG Hermes KSA, we remain committed to connecting leading businesses with investors and contributing to the Kingdom’s economic transformation under Vision 2030.”
Amr Abdel Khabir, Managing Director at EFG Hermes’ Investment Banking division, said: “This landmark transaction marks another milestone in our mission to help issuers unlock value and fuel economic growth in Saudi Arabia and the wider GCC.”
