EFG Hermes, an EFG Holding company, and the leading investment bank in the Middle East and North Africa (MENA) region, announces the completion of its first role as Sole Financial Advisor and Lead Manager for an initial public offering (IPO) in Saudi Arabia, advising Jamjoom Fashion Trading Company on its IPO and listing on the Parallel Market (Nomu) of the Saudi Exchange.

Jamjoom Fashion, a pioneer in building and scaling homegrown apparel and lifestyle brands across Saudi Arabia and the wider GCC region, offered 2,384,340 ordinary shares, representing 30% of its share capital, through a sale of shares owned by its parent company, Kamal Osman Jamjoom Trading Company.

The offering attracted strong participation from a diverse base of high-quality local and international Qualified Investors, with strong participation from Saudi accounts, while having one of the highest participation rates from foreign investors in recent IPOs, all during challenging market conditions, underscoring the strength of the transaction and resulting in an order book of SAR 1,557 million, equivalent to 4.5x oversubscription.

Saud Al Tassan, CEO of EFG Hermes KSA, commented, “We are proud to be partnering with Jamjoom Fashion on this landmark IPO, which underscores the strength of Saudi Arabia’s evolving retail landscape and the continued success of homegrown brands. This transaction marks a significant milestone in the Company’s growth while highlighting the depth and resilience of the Saudi capital markets. At EFG Hermes KSA, we remain committed to connecting leading businesses with investors and contributing to the Kingdom’s economic transformation under Vision 2030.”

Amr Abdel-Khabir, Managing Director at EFG Hermes’ Investment Banking division, added, “Our successful work on Jamjoom Fashion’s IPO highlights EFG Hermes’ ability to navigate transaction complexities and deliver seamless execution. Acting for the first time as both sole financial advisor and lead manager in KSA, we reinforced our unrivaled capacity to connect high-potential companies with diverse pools of investors across the MENA region. This landmark transaction marks another milestone in our mission to help issuers unlock value and fuel economic growth in Saudi Arabia and the wider GCC.”

Founded in 1992, Jamjoom Fashion is a leading Saudi-based apparel and lifestyle group and a pioneer in creating and scaling brands across the KSA and the Middle East, and the group behind Nayomi and Mihyar. As of June 2025, the company operates across the GCC with a network of 218 stores. The Company’s financial performance is characterized by strong revenue growth, sustainable margins, and bottom-line profitability.

Since the beginning of the year, EFG Hermes has advised on 6 M&A transactions, 9 DCM, and 10 ECM transactions across the region, including landmark transactions in Egypt, UAE, Saudi Arabia, and Oman, underscoring its leadership in regional markets.