EFG Hermes completes listing of Saudi’s RCGC’s $378mln IPO

EFG Hermes completes listing of Saudi’s RCGC’s $378mln IPO

EFG Hermes, a leading investment bank franchise, has concluded advisory on the SR1.4 billion ($378 million) IPO of Saudi power cables manufacturer Riyadh Cables Group Company (RCGC) on the Saudi Exchange. This is yet another landmark deal in the kingdom that marks the 10th IPO the EFG has advised on during 2022. EFG Hermes also 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 SR43.00/share, implying a total market capitalisation of SR6.45 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.

Unique transactions

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 capitalised on our unrivalled capabilities, deep-rooted industry know-how, and the rock-solid foundation of