Beyout Investment Group Holding (BIG) has started trading on the Boursa Kuwait’s ‘Premier Market’, following the successful completion of its private secondary offering. Beyout Investment Group is now traded under the symbol BEYOUT and ISIN KW0EQ0210082.

 

The offering consisted a total of 90 million ordinary shares, representing 30% of BIG Holding’s issued share capital and generated approximately KD45 million ($147 million) gross proceeds for the selling shareholders. The final offer price was set at 500 Fils per share, at the top of the price range, and saw strong investor demand oversubscribed 17 times. The total cumulative demand for BIG Holding shares amounted KD771 million. 

 

The company has an implied market capitalisation of approximately KD150 million at the time of listing. 

 

New chapter

Speaking at the Boursa Kuwait listing ceremony, Abdulrahman Al Khannah, Chief Executive Officer of Beyout Investment Group, commented: “Today is a proud and historic moment for Beyout Investment Group and its subsidiaries Kuwait Resources House, Real Estate House, and Borooj Real Estate Investment, as the company begins a new chapter as a listed business. The company is deeply rooted within Kuwait and is also a well-known name across the wider GCC; this listing is truly the culmination of the efforts of many involved parties.” 

 

Al Khannah added: “We now look ahead and will focus on driving BIG’s growth strategy, with continued emphasis on growing the core business and expanding and diversifying its service offering across the GCC. Over the coming years, we look to identify more opportunities for synergies and alignment between BIG and our subsidiaries – to maximise opportunities and create shareholder value.”--TradeArabia News Service