EFSIM Facilities Management Company has dropped its plans for an initial public offering (IPO) and listing on the Saudi Exchange (Tadawul) main market.

The company opted to withdraw its share offering just days after the book-building period commenced and following consultation with its financial advisor, EFG Hermes KSA.

However, the firm did not specify any reasons for the IPO cancellation.

"The company remains committed to its expansion and strategic plans and intends to continue pursuing them," said the advisor in a bourse filing;

"The company will explore various expansion options, and will reconsider the IPO in the future."

The company had announced in November its intention to sell 16.8 million ordinary shares, representing a 30 % stake following the offering and capital increase. The price for the shares was already set in the SAR 19 to SAR 20 range.

The IPO cancellation was announced just days after the book-building period, which commenced on December 1.

(Writing by Cleofe Maceda ; editing by Seban Scaria) seban.scaria@lseg.com