EFG Hermes tops LSEG MENA bookrunner rankings again

Dubai: EFG Hermes has retained its position as the leading equity capital markets bookrunner in the Middle East and North Africa, reinforcing its role at the centre of some of the region’s most significant listings and capital raisings.

The investment bank ranked first in the London Stock Exchange Group’s MENA Bookrunner league tables for 2025, marking the second consecutive year it has taken the top spot. The ranking reflects activity across multiple exchanges and equity product types, measured by both total proceeds raised and the number of completed transactions.

EFG Hermes also led the league tables in 2024, positioning the firm as a consistent player in a region where equity issuance has broadened across markets and structures.

The latest rankings capture a year in which EFG Hermes operated across Saudi Arabia, the UAE, Oman, Kuwait and Egypt, making it the only bank to execute equity transactions in all five markets during 2025. Its activity spanned initial public offerings, accelerated bookbuilds and a rights issue, reflecting a wider mix of equity solutions at a time when issuers have become more selective about timing and structure.

Mostafa Gad, global head of investment banking at EFG Hermes, said the ranking highlighted the trust clients place in the firm and the depth of its regional relationships.

“This year marks our commitment to expanding our senior leadership role in MENA, highlighting the trust our clients place in our capabilities and the depth of our relationships,” he said. “We are dedicated to executing impactful transactions that not only drive client success but also contribute to the growth of the region’s capital markets.”

Gad pointed to the firm’s ability to operate across a wide range of exchanges, including Tadawul, Nomu, ADX, DFM, Nasdaq Dubai, MSX, Bourse Kuwait and the Egyptian Exchange, adding that EFG Hermes was especially proud to have led benchmark IPOs in the UAE, Saudi Arabia, Oman and Kuwait.

By volume, EFG Hermes acted as bookrunner on 12 equity transactions during the year, double the number handled by the second-ranked bank. It also raised more proceeds for clients than any other institution in the region during the period.

Christopher Laing, head of ECM at EFG Hermes’ investment banking division, said the firm’s position reflected both execution capability and investor reach.

“We are honored that both government and corporate clients consistently choose EFG Hermes to lead their equity transactions in 2025,” he said. “Our success stems from the combination of our award-winning research team, which covers a broader range of the market than our competitors, and our institutional and family office sales teams, which can reach investors that others cannot.”

That reach has translated into market share on individual exchanges. Laing noted that EFG Hermes has ranked as the top trader on Dubai Financial Market for eight consecutive years, highlighting the depth of its investor network in the UAE.

Several high-profile transactions defined the firm’s year. In Saudi Arabia, EFG Hermes acted as sole financial advisor on the Jamjoom IPO, marking its first time serving in that role in the Kingdom. The deal was seen as a milestone in the firm’s advisory presence in Saudi equity markets.

In the UAE, EFG Hermes served as joint global coordinator on the ADNOC Gas secondary offering, the largest placement in the history of Abu Dhabi Securities Exchange. The transaction highlighted the firm’s ability to co-lead large, strategic offerings involving state-linked issuers and global investor demand.

The bank also played a central role in opening equity markets in smaller Gulf states. It acted as joint global coordinator on the only IPOs completed in Kuwait and Oman during the year, for Action Energy and Asyad respectively, placing it at the forefront of first-mover listings in markets that have seen limited issuance in recent years.

On Nasdaq Dubai, EFG Hermes advised and acted as bookrunner on a bespoke rights issue for Depa, a structure that required close coordination between issuer, regulators and investors.

While equity capital markets were the focus of the LSEG ranking, EFG Hermes’ wider deal activity provides additional context to its position. During the year, the firm advised on eight mergers and acquisitions transactions and 16 debt capital markets deals across the region, alongside 18 equity transactions.

That combination reflects a strategy built around cross-product coverage. With equity issuance often influenced by global risk sentiment, the ability to remain active across advisory, debt and equity has become increasingly important for regional banks.