(MENAFN Press) Amwal AlKhaleej, a leading alternative investment and private equity firm, disclosed today details of the successful IPO of a portfolio Saudi travel group with a strong presence in Egypt and significant international footprint.
The offering of Saudi Arabia's Al Tayyar Travel Group was oversubscribed by more than six times and raised more than USD2.2 billion, making this the Kingdom's largest IPO in recent years.
The Company's regional operations include activities in Egypt's travel, transportation, car rental and shipping sectors. For over three decades, the group has been providing travel related services to more than 1,600 corporations and government entities through its vast network of 324 local and global branches and over 1,800 employees.
Ammar AlKhudairy, Managing Partner of Amwal AlKhaleej said "We would like to congratulate the Board and management of Al Tayyar Travel Group for its record achievement. We feel privileged to be part of the Group's successful journey and to have contributed to the evolution and growth of the company, which culminated in this highly successful IPO."
Furthermore, Amwal AlKhaleej undertook a highly active role in the lead-up to the Group's IPO.
Assaad Karam, Vice President at Amwal AlKhaleej said: "We have worked hand in hand with the Group's management team and advisors throughout the IPO process, helping the Group meet its regulatory requirements, leading the coordination efforts between all stakeholders, and ensuring that effective communication mechanisms are in place with respect to the Group's business activity and equity story."
Dr. Nasser Tayyar, President and founder of Al Tayyar Travel Group, said: "Amwal has contributed to our company and accompanied our growth by providing support across all corporate finance matters, from acquisitions to the IPO, and has helped us improve our corporate governance in line with best practice. Amwal has played a very active role in our listing and in generating strong investor interest."
Fadi Arbid, CEO of Amwal AlKhaleej concluded "This IPO highlights Amwal AlKhaleej's confidence in the Saudi market and validates our investment strategy in the Kingdom.
It proves that forming strong partnerships with portfolio companies and undertaking a hands-on role unlocks long-term value in the business, and provides liquidity routes to their founders such as IPOs in promising markets. We are also confident that, with this public listing, Al Tayyar Travel Group will be even better positioned to embark on its new development phase."