The IPO garnered widespread interest from local, regional, and international investors, with an oversubscription rate of 119. 

Riyadh, June 5, 2024

EFG Hermes, an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA), announced today that its investment banking division successfully completed its advisory on the USD 764 million initial public offering (IPO) of Fakeeh Care Group (FCG) (The Group), one of Saudi Arabia’s premier integrated providers of high-quality healthcare, on the Saudi Exchange. EFG Hermes acted as a Joint Bookrunner and Underwriter on the transaction.  

Fakeeh Care Group offered a total of 21.47% of its total issued share capital through the sale of 30,000,000 new ordinary shares (representing 12.93%) and 19,800,000 current ordinary shares (representing 8.53%) at SAR 57.5 per share, implying a market capitalization of SAR 13.3 billion (USD 3.6 billion).   

The IPO captured the attention of local, regional, and international investors, with the total book covered approximately 119 times. The company began trading today under the ticker [FCG].    

Karim Meleka, Co-Head of Investment Banking at EFG Hermes, commented, “We are delighted and proud of our role in the successful IPO of Fakeeh Care Group. This transaction adds onto our successful track record of supporting healthcare advancements in the Kingdom of Saudi Arabia (KSA), following our involvement in Habib Medical Group, Al Meswak, and now Fakeeh Care Group”. He added: “In facilitating the IPO of Fakeeh Care Group, EFG Hermes has once again demonstrated its unwavering commitment to fostering transformative investment opportunities within the MENA region. The resounding success of Fakeeh Care Group's IPO underscores the resonance of its value proposition among both regional and international investors, along with the robust appetite for investment opportunities within Saudi Arabia's burgeoning healthcare sector. This transaction represents yet another milestone in our continued commitment to driving strategic investment initiatives that redefine the contours of the regional investment landscape.” 

Fakeeh Care Group is one of Saudi Arabia’s premier integrated providers of high-quality healthcare, trusted by millions of families for more than four decades. FCG offers 835 beds across four hospitals – Dr. Soliman Fakeeh Hospital (“DSFH”) Jeddah, DSFH Riyadh, NEOM Hospital through an operating model and the soon to be completed DSFH Madinah – with around 900 doctors. The Group boasts five medical centers (including NEOM Advanced Medical Center through an operating model) with around 220 doctors, complemented by a range of integrated healthcare services to meet everyday health needs. Its operational excellence is driven by its highly integrated hub-and-spoke healthcare model, a structure that maximizes efficiency while being adaptable.

This transaction is the latest in a series of landmark deals the Firm has advised on in the GCC region over the years, including eight IPOs in 2023 alone. Most recently, it acted as the joint bookrunner on Spinney’s IPO on the Dubai Financial Market (DFM), as well as Parkin’s IPO on the DFM – the most oversubscribed IPO on the DFM to date. The Firm also advised on the IPO of Dubai Taxi Company on the DFM and OQ Gas Networks on the Muscat Stock Exchange (MSX), the largest Omani IPO in over two decades. It also advised on the IPO of ADES Holding Company on the Saudi Exchange, as well as the successful IPOs of ADNOC L&S and ADNOC Gas Plc on the Abu Dhabi Securities Exchange (ADX); IPO of Lumi Rental Company on the Saudi Exchange; Abraj Energy Services on the MSX; and Al Ansari Financial Services PJSC on the Dubai Financial Market (DFM). 

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About EFG Holding

EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a trailblazing financial institution that boasts a remarkable 40-year legacy of success in nine countries spanning three continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (aiBANK) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes.

EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers an extensive array of financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a leading provider of financial services in Egypt with a concerted focus on the micro and small enterprise segments, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a versatile financial technology powerhouse, PayTabs Egypt, a digital payment platform, as well as Bedaya for mortgage finance and Kaf for insurance. Furthermore, the company delivers commercial banking solutions through aiBANK, a leading provider of integrated retail, corporate, and Islamic banking products in Egypt. 

Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Bahrain | Pakistan | UK | Kenya | Nigeria | 

Learn more about us at www.efghldg.com

For further information, please contact: 

May El Gammal 

Group Chief Marketing & Communications Officer of EFG Holding

melgammal@efghldg.com 

Omar Salama

Senior Communications Manager of EFG Holding

osalama@efghldg.com 

The EFG Holding Public Relations Team

PublicRelations@efghldg.com 

Note on Forward-Looking Statements 

In this press release, EFG Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities, and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Holding’s belief regarding future events, many of which, by their nature, are inherently uncertain and are beyond management’s control and include, among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.