PHOTO
Arab Finance: EFG Hermes has wrapped up its advisory role on Trolley General Trading Company’s private placement and listing on the Premier Market of Boursa Kuwait, where it acted as joint global coordinator and joint bookrunner, as per an emailed press release.
The offering involved the sale of 96.25 million existing ordinary shares by current shareholders, representing 35% of Trolley’s issued share capital, up from the initially planned 30% following strong investor demand.
Priced at 618 Kuwaiti fils per share, the transaction raised approximately $195 million and implied a market capitalization of about $552.58 million.
Demand for the offering was robust, with subscription coverage reaching 15.2 times the initially offered shares, driven by participation from both local and international institutional investors.
The offering was made available to eligible professional investors, with the final price determined through a bookbuilding process.
The listing marks a milestone for Trolley as it joins Boursa Kuwait’s Premier Market, supporting its plans to expand its investor base, enhance corporate governance, and reinforce its position in the regional convenience retail sector.
Founded in 2010, Trolley operates a dual-format retail model, combining premium Trolley stores with value-focused Baqala outlets across Kuwait and Saudi Arabia.
As of June 2025, the company operated 204 stores, including 134 in Kuwait, 53 in Saudi Arabia, and 17 Baqala locations, primarily in high-traffic urban areas, fuel stations, and residential communities.
In 2025, EFG Hermes advised on 18 equity capital market transactions, 16 debt capital market transactions, and eight mergers and acquisitions deals across the region, including in Saudi Arabia, the UAE, Oman, and Egypt, underscoring its role in regional capital markets.
