Boursa Kuwait has announced the listing of Beyout Investment Group (BIG) Holding Company in its ‘Premier’ Market, where the trading of the company’s stocks is set to commence from the opening trade session of June 11, 2024 under the ticker symbol 'Beyout'.
The company will be included under the 'financial services’ sector, bringing the total count of companies listed on the exchange to 146, with 34 in the “Premier” Market alone.
BIG Holding Company’s strategic decision to list 30% of its shares aims to diversify its shareholder base, strengthen the company’s governance structures, and broaden its network and visibility among its principal investors.
This listing is also anticipated to yield substantial benefits for the Kuwaiti capital market by expanding the roster of listed companies, enhancing investment prospects, and encouraging further listings, which will reflect positively on the market and ultimately accrue benefits to investors.
Boursa Kuwait’s Chief Executive Officer, Mohammed Saud Al-Osaimi, said: 'Boursa Kuwait consistently seeks to attract substantive listings that enhance the stock market's value, an effort that aligns with our strategic aim to cultivate a robust financial market renowned for its liquidity and integrity.
“Over the past few years, the exchange has worked closely with prospective listed companies, elevating our listing standards and criteria to suit a diverse range of businesses from multiple industries, with a particular focus on family-owned and public-private enterprises.
Founded in 2006, BIG Holding Company is a leading regional investment company that provides integrated human resources solutions in addition to support services for real estate sector projects, including property management, build-operate-transfer services and enhancing public-private partnerships.
The company has appointed the National Investments Company and EFG Hermes Emirates Limited (in cooperation with EFG Hermes Emirates LLC) as Joint Global Coordinators and Joint Bookrunners as well as appointing the National Investments Company as its listing and financial advisor.
BIG Holding’s Group Chief Executive Officer, Eng. Abdulrahman Mohammed Al-Khanna, said: “The listing of Beyout Investment Group Holding Company is the culmination of our efforts to strengthen our position as a leading Kuwaiti company in the region.
“Over the past years, we have focused our efforts on developing our operations, improving efficiency and upgrading our practices in line with international standards with the aim of consolidating our position as a trusted partner for government agencies and global brands across various sectors.”
The National Investments Company led the private subscription for the secondary offering of 30% of BIG Holding Company’s currently issued shares, initiated from May 19 to June 2, 2024, and met with great demand by local and international investors on both the retail and institutional level.
The order amount exceeded the value of the offering during the initial allocation period by more than 17 times, with an initial coverage of KD 771 million that was in line with the subscription's target to offer 90 million shares of the company at 500 fils per share for a total value of more than KD 45 million for qualified investors, which reflects the great confidence in the company's quality and performance in addition to the high professionalism demonstrated by NIC in managing the subscription.
NIC Board Member and Chief Executive Officer, Fahad Abdulrahman Al Mukhaizim, said: “The National Investments Company is proud to play a pivotal role in the private placement of Beyout Investment Group Holding Company, handling the necessary arrangements for the listing process on Boursa Kuwait's “Premier” Market within the targeted timeframe.
“NIC served as the joint global coordinator and subscription manager for the private placement process of Beyout Investment Group Holding Company, in addition to its role as the exclusive financial advisor for the listing process.”
