EFG Hermes Advises on Jamjoom Fashion’s IPO on Saudi Arabia’s Nomu Market
EFG Hermes, the investment bank of EFG Holding and a leading financial services provider across the Middle East and North Africa (MENA), announced the successful completion of its advisory role as Sole Financial Advisor and Sole Bookrunner for Jamjoom Fashion Trading Company’s initial public offering (IPO) on Saudi Arabia’s Nomu – Parallel Market. This marks the firm’s first transaction of its kind in the Kingdom.
IPO Highlights
Jamjoom Fashion 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 demand from both local and international qualified investors. Saudi accounts participated actively, while foreign participation was notably higher compared to recent IPOs. The order book reached SAR 1.557 billion (USD 415 million), reflecting a 4.5x oversubscription.
Executive Remarks
Saud Altassan, CEO of EFG Hermes KSA, commented:
> “We are proud to partner with Jamjoom Fashion on this landmark IPO, which reflects the strength of Saudi Arabia’s evolving retail sector and the success of homegrown brands. This offering represents a significant milestone in the company’s growth journey and highlights the depth of Saudi capital markets. At EFG Hermes, we remain committed to connecting leading businesses with investors and supporting the Kingdom’s economic transformation under Vision 2030.”
Amr Abdelkhalek, Managing Director of Equity Capital Markets at EFG Hermes, added:
> “The successful completion of Jamjoom Fashion’s IPO demonstrates our ability to manage and execute complex transactions efficiently. Serving as both Sole Financial Advisor and Bookrunner in Saudi Arabia for the first time underscores our unique expertise in linking promising businesses with a broad investor base. This transaction is a milestone in our ongoing mission to help companies maximize value and fuel economic growth across the Gulf.”
Jamjoom Fashion’s Market Position
Founded in 1992, Jamjoom Fashion is a prominent Saudi retail group specializing in fashion and lifestyle products. The company owns the well-known brands Nayomi and Mihyar, operating 218 stores across the Gulf Cooperation Council (GCC) as of June 2025. With a strong financial track record, Jamjoom Fashion continues to deliver sustainable growth and stable profit margins.
EFG Hermes’ Regional Achievements
The Jamjoom Fashion IPO further strengthens EFG Hermes’ regional footprint. Since the start of 2025, the firm has executed six mergers and acquisitions, nine debt capital market transactions, and ten equity capital market deals across Egypt, the UAE, Saudi Arabia, and Oman—reinforcing its position as a leading investment bank in MENA.