Cairo – Mubasher: EFG Hermes, a subsidiary of EFG Holding, advised United Electronics Company (eXtra), on the SAR 990 million initial public offering (IPO) of its subsidiary on the Saudi Exchange’s Main Market (Tadawul).
United International Holding Company (UIHC) offered 7.50 million ordinary shares, equivalent to 30% of its total issued share capital.
The IPO drew in three key cornerstone investors Zamil Group Investment Company, A.K. Al Muhaidib & Sons Company, and The Company for Cooperative Insurance (Tawuniya).
Other institutional orders amounted to a demand of nearly SAR 131 billion ($35 billion), representing oversubscription levels of 132 times.
The subsidiary set the final price for its initial public offering (IPO) at SAR 132 per share after obtaining the approval of the Capital Market Authority (CMA) in June.
Saud Altassan, CEO of EFG Hermes KSA, commented: “This IPO marks a major milestone as our 15th successful public offering in the Saudi market, underscoring our steadfast commitment to the Kingdom’s dynamic capital markets. It reflects not only the strength of UIHC’s growth story but also the confidence investors have in the opportunities within Saudi Arabia.”
Karim Meleka, Co-Head of Investment Banking at EFG Hermes, added: “UIHC’s decision to pursue an IPO marks a significant milestone for the company and its parent, eXtra. It reflects the evolving financial landscape in Saudi Arabia that continues to present opportunities for value maximisation and realisation."
