EFG Hermes works on 6 IPOs in Saudi market this year

Logo of EFG Hermes

Egypt-based EFG Hermes will work on six initial public offerings (IPOs) in the Saudi market this year, Mostafa Gad, Head of Investment Banking, told Asharq TV.

The value of these IPOs is expected to range between $1.5 billion and $2 billion in the first half of 2024. The offerings scheduled for this year will exceed those of the previous year, Gad said.

For More IPOs

He pointed out that the Saudi market is strong and the private sector represents a significant part of the economy, expecting it to continue at the same pace as in recent years with an increase in private sector participation this year and the coming years.

According to Argaam, the main Saudi market witnessed two listings this year of Avalon Pharma and MBC Group. Tomorrow, the subscription of individuals will begin to 2.45 million shares of Modern Mills Co.

Last year, seven companies listed on Tadawul, namely, Al Mawarid Manpower Co., Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma), Morabaha Marina Financing Co. (MRNA), First Milling Co., Lumi Rental Co., ADES Holding Co. and SAL Saudi Logistics Services Co., besides the listing of Alinma Hospitality REIT Fund.