GIB financial services advises on the Halwani brothers company IPO in Saudi Arabia
Riyadh-based GIB Financial Services (GIBFS), the Saudi subsidiary of Gulf International Bank (GIB), has recently completed advising Halwani Brothers Company on its initial public offering in Saudi Arabia.
GIBFS was the exclusive financial advisor on Halwani Brothers’ IPO, which was oversubscribed by more than 9 times of the total share offering. The company offered 8,571,430 new ordinary shares for SAR 20 per share to Saudi institutional and retail investors an effort to raise its capital. The total issue size was for SAR 171.4 million, whereas total subscriptions received from institutional and retail investors exceeded SAR 1,607.7 million. GIBFS also acted as joint book runner for the institutional tranche of the offering.
Commenting on the successful conclusion of this IPO, Dr. Khaled M. Al-Fayez, GIB’s Chief Executive Officer, said: “we are pleased to facilitate the achievement of Halwani Brothers’ financial requirements through this public offering in line with the company’s business growth. GIB has always been at the forefront of providing tailored financial solutions to its clients.”
GIB has been a market leader in the corporate finance business in the region for many years offering advisory on mergers and acquisitions, financial restructurings, IPO’s and private placements. This effort continues in Saudi Arabia through GIBFS.
