Cairo – Mubasher: EFG Hermes announced that it has completed advisory on the world’s biggest-ever initial public offering (IPO) of oil giant Saudi Arabian Oil Co (Aramco).

The Egyptian investment bank acted as joint bookrunner of Aramco’s offering which reached $29.4 billion in value, according to a statement on Wednesday.

Since the beginning of 2019, EFG Hermes has conducted several deals in the Saudi market, including the IPO of Arabian Centres Co and the merger between NMC Healthcare and Hassana Investment Company, the co-CEO of EFG Hermes, Mohamed Ebeid, said.

EFG Hermes rose to the 28th ranking among the world’s largest equity arrangers and the 20th ranking in Europe, Middle East and Africa, he added. 

On Wednesday, Saudi Aramco’s shares begin trading on the Saudi Stock Exchange (Tadawul).