EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEM), announced today that its Investment Banking team has successfully completed advisory on Alkhorayef Water & Power Technologies’ (AWPT) SAR 540 million (USD 144 million) IPO on Tadawul. EFG Hermes KSA acted as bookrunner and underwriter on the IPO.

AWPT began trading today under the Bloomberg stock symbol “2081”. Alkhorayef Group Company sold 7.5 million shares in AWPT to investors in the transaction, representing 30% of AWPT’s share capital, at SAR [72.00] per share.

AWPT is a subsidiary of the Alkhorayef Group Company, which first made a name for itself in Saudi Arabia as an agricultural equipment provider in 1957. Alkhorayef Group Company has since diversified its activities, expanding into machinery systems, oil, and contracting, in addition to printing and paper under numerous subsidiaries. Established in 1991, AWPT is the leading operations and maintenance provider for water, wastewater, and integrated water services in Saudi Arabia, with 54 projects across the Kingdom’s provinces.

Co-Head of Investment Banking at EFG Hermes, Mohamed Fahmi, commented, “The successful conclusion of the Alkhorayef Water & Power Technologies IPO is part and parcel of our strategy to leverage our market-leading book-building and advisory services to gain further foothold in Saudi Arabia. Following the Kingdom’s upgrade to emerging market status on both the FTSE and MSCI indices, we believe Saudi Arabia has the potential to become a global trading hub in the years to come, and we are perfectly poised to capture on that growth today, with numerous deals already in the pipeline for the year.”

The IPO bookends a series of landmark equity transactions on which EFG Hermes KSA has advised on in Saudi Arabia, including the Aramco IPO in 2019 and Dr. Sulaiman Al Habib Group IPO in 2020.

The division currently holds a 9% market share of overall deal executions according to 9M2020 rankings from Refinitiv’s ECM MENA League Tables, and has consistently acquired top ranks among all MENA ECM advisers for the past four years.

About EFG Hermes

With a current footprint spanning thirteen countries across four continents, EFG Hermes started in Egypt and has grown over 35 years of success to become a leading financial services corporation with access to emerging and frontier markets. Drawing on our proven track-record and a team of more than 5,500 talented employees, we provide a wide spectrum of financial services that include investment banking, asset management, securities brokerage, research and private equity to the entire MENA region.

In 2015, EFG Hermes launched the NBFI Platform, EFG Hermes Finance, which overlooks activities in the non-banking finance field covering microfinance, leasing, factoring, consumer finance, mortgage and insurance. This falls in line with the Firm’s strategy to focus on two main pillars: product diversification and geographic expansion into non-MENA markets, which has seen the Firm establish a physical presence in Pakistan, Bangladesh, Vietnam, Kenya, Nigeria, the United Kingdom and the United States.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.