Page 293 - ALEF EDUCATION PR REPORT MAY 2024

The pricing of 500 fils per share implies a market valuation of around
KWD150m ($488m) at listing. The company is offering 90 million shares,
equivalent to 30 per cent of its total issued share capital.

Founded in 1991, BIG Holding provides manpower solutions and manages
real estate projects including build-operate-transfer and public-private
partnership deals. Its customers include the US Government as well as the
Kuwait Oil Company.

The holding firm hired National Investments Company and EFG-Hermes UAE
as joint bookrunners and joint global coordinators on the deal.

There has been a flurry of IPO activity in the GCC region over the past four
years.

So far this year, firms such as Saudi Arabian flour mills company Modern Mills
and UAE supermarket franchisee Spinneys have listed, while others such as
SMASCO and Abu Dhabi-based edtech firm Alef Education have announced
intentions to float. However, the IPO market has been less active compared to
the previous year.

Companies in the MENA region raised $1.2bn in IPO proceeds in the first
quarter of this year, down 66 per cent compared to the corresponding period a
year earlier.

https://gulfbusiness.com/kuwaits-big-holding-ipo-oversubscribed-17-times/