EFG Hermes Completes Successful Advisory Of ACWA Power's US$1.2 Billion Listing On Saudi Stock Exchange, Tadawul EFG Hermes' Investment Banking Division closed a record eight transactions to date worth US$ 3.5 billion.

The Investment Banking division of EFG Hermes, a financial services corporation in frontier emerging markets, has completed advisory to ACWA Power on its SAR4.5 billion (US$1.2 billion) initial public offering on the Saudi Stock Exchange (Tadawul).

ACWA Power debuted on Tadawul under the energy sector with the symbol 2082, offering 81,199,299 shares which represent 11.1% of the company's share capital at an offer price of SAR56 per share, implying a market capitalization of SAR41 billion ($10.9 billion).

Founded in Riyadh in 2004, ACWA Power is a private developer, owner, and operator of long-term contracted power generation and desalinated water projects worldwide. Today, it has 64 projects in operation, construction, or advanced development in 13 countries across three continents, with a total project cost of SAR248 billion ($66 billion).

"The deal, which garnered substantial interest from both local and foreign investors, follows just days after our team closed on the successful listing of ADNOC Drilling on the ADX, a testament to the team's ability time and time again to funnel global capital into attractive local opportunities," says Mohamed Abou Samra, Managing Director at the Investment Banking Division at EFG Hermes, commenting on the ACWA Power transaction, which is considered to be one of the largest offerings coming out of Riyadh since Saudi Aramco went public in 2019. "Today's transaction primes us to capitalize on the expected uptick in ECM activity in Saudi Arabia following the kingdom's push to spur capital market activity, with the team already having lined up a strong transaction pipeline in the coming period."

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Mohamed Abou Samra, Managing Director at the Investment Banking Division at EFG Hermes
Source: EFC Hermes

EFG Hermes' current footprint spans 13 countries across four continents. The company started in Egypt and has grown over 37 years of success to become the leading financial services corporation in frontier emerging markets. In 2021, its Investment Banking Division closed a record eight transactions to date worth $3.5 billion.

Most recently, the division acted as joint bookrunner on the AED4 billion listing of ADNOC Drilling on the ADX, joint bookrunner on the AED2.7 billion listing of Yahsat on the ADX, sole financial advisor and joint bookrunner on Fawry's EGP1.2 billion follow-on sale on the EGX, joint bookrunner and underwriter on Alkhorayef Water & Power Technologies' SAR540 million IPO on Tadawul, and acted as sole financial advisor on two merger and acquisition deals for Agthia this year.

Related: Follow The Leader: Karim Awad, Group CEO, EFG Hermes