EFG Hermes completes advisory on $378m IPO of Riyadh Cables on Saudi Stock Exchange

• Published date: 19 December 2022
• Publication title: Daily News Egypt

EFG Hermes announced Monday that it concluded advisory on the SAR 1.4bn ($378m) IPO of Saudi power cables manufacturer Riyadh Cables Group Company (RCGC) on the Saudi Stock Exchange (Tadawul).

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.

45bn. 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 capitalized on our unrivalled capabilities, deep-rooted industry know-how, and the rock-solid foundation of trust we've built with clients to advise on the region's most notable transactions.

We look forward to building on these milestones to grow our Saudi business in the year ahead." RCGC's track record of over four decades, paired with its ironclad operational model and expansive geographical presence, has enabled the company to become an integral part of the energy and communications landscape.

Established in 1984, RCGC is the...