EFG Hermes completes listing of Saudi-Based Riyadh Cables Group’s SAR 1.4 Billion IPO on the Saudi Exchange

EFG Hermes completes listing of Saudi-Based Riyadh Cables Group’s SAR 1.4 Billion IPO on the Saudi Exchange

EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today that it has concluded advisory on the SAR 1.4 billion (USD 378 million) IPO of Saudi power cables manufacturer Riyadh Cables Group Company (RCGC) on the Saudi Exchange — yet another landmark deal in the kingdom that marks the 10th IPO the Firm has advised on during 2022. EFG Hermes acted as joint bookrunner on the transaction. The listing saw RCGC offer 33,000,000 ordinary shares, representing 22% of its share capital, at a price of SAR 43.00/share, implying a total market capitalization of SAR 6.45 billion. The transaction garnered significant traction from regional and global investors, having been 72x oversubscribed on the institutional tranche. Trading on the company’s shares commenced today, with RCGC listed under the ticker 4142. Saud Altassan, CEO of EFG Hermes KSA, commented on the transaction: “As the Saudi equity market continues to ramp up, we’ve made it a priority to focus on bringing to market unique transactions that provide unmatched returns, a testament to our standing as a gateway through which regional and global investors can access quality issuances. 2022 has been a year of remarkable achievements for EFG Hermes, having