EFS IM intends to move forward with a new step towards expanding within the Saudi market by announcing its intention to offer 30% of its shares for public subscription in the main Saudi financial market. This step comes at a time when the IPO market in the Kingdom is witnessing exceptional momentum since the beginning of the year, enhancing EFS IM’s position amidst the rapidly evolving economic landscape in Saudi Arabia.
According to the statement issued today, Tuesday, the offering includes the sale of 5.8 million shares by existing shareholders, in addition to the issuance of 11 million new shares, a move that confirms EFS IM’s direction towards expanding its operations in Saudi Arabia by injecting additional liquidity to support its operational expansion.
The book-building period for institutions is set to begin on December 1 and will extend until the 7th of the same month, providing institutional investors the opportunity to assess the conditions of the Saudi market during the offering period.
This event coincides with the ongoing strength of IPO activities within the Kingdom, where Saudi Arabia solidified its position as the most active market in the Middle East during the current year, after listed companies raised approximately $4 billion according to Bloomberg data. EFS IM’s entry into this vital path reflects its commitment to benefit from the strong regulatory environment in Saudi Arabia and the government support directed towards the services and facilities management sector.
Founded in 2008, EFS IM is one of the prominent integrated facilities management service providers in Saudi Arabia, with an increasing presence in the aviation, oil and gas, healthcare, education, and major projects sectors. EFS IM plans to direct the proceeds from the offering toward supporting working capital and investing in modern technologies and equipment, in line with the rapid development that Saudi Arabia is experiencing in infrastructure and facility management.
EFSIM’s offering in the Saudi market represents a clear signal of the depth of the ongoing economic transformation within the Kingdom, especially with the rising interest of investors in the specialized services sector and its direct connection to major projects and Vision 2030. This step reflects EFS IM’s confidence in the Saudi market’s capacity to absorb new expansions, particularly as the facilities management sector has become pivotal in the growing economic landscape, supported by a flexible business environment and rising demand for integrated services.
Source: Arabic Trader