Riyad Capital tops Saudi ECM rankings with nearly $2bn deal value

February 25, 2025 (MLN): Riyad Capital has emerged as the top-ranked financial institution in Saudi Arabia's Equity Capital Markets (ECM) for 2024, with a credited deal value of approximately $1.7 billion (SAR 6bn), representing a 9% market share.

The firm's market share is up 4.7% points from 2023, reflecting strong momentum in ECM and the successful execution of major transactions.

This growth highlights Riyad Capital's ability to structure and execute high-impact deals, including Saudi Arabia's first-ever in-kind share distribution, two IPOs, and a secondary offering, according to a LinkedIn post by Riyad Capital.

In 2024, the firm was appointed as a Financial Advisor, Lead Manager, Bookrunner, and Underwriter in Savola Group's three-in-one transaction, which included a $1.6bn (SAR 6bn) rights issuance and a $2bn (SAR 8bn) capital reduction.

Additionally, the firm oversaw a $5.6bn (SAR 21bn) share distribution in-kind of Almarai shares, marking the first transaction of its kind in Saudi Arabia.

The transaction was a landmark event in the Saudi equity market, requiring unprecedented collaboration with regulatory bodies to develop a novel mechanism for share distributions in-kind.

This structure unlocked significant shareholder value while setting a precedent for future transactions in the Kingdom.

Dr. Abdullah Alshwer, CEO of Riyad Capital, said that "Securing the top position in the 2024 ECM league table is a testament to Riyad Capital's capabilities and expertise in structuring and executing complex transactions that unlock significant value and deepen Saudi capital markets."

Beyond the Savola deal, Riyad Capital successfully completed several high-profile ECM transactions as Financial Advisor and Lead Manager.

These include the $229 million (SAR 859mn) IPO of Fourth Milling Company on the Main Market, as well as the $11mn (SAR 40mn) IPO of Quara Finance Company on NOMU (Saudi Arabia's parallel market).

Additionally, Riyad Capital acted as a Joint Bookrunner in Saudi Aramco's $11bn (SAR 42bn) secondary offering.

Abdullah Al-Medemigh, Managing Director and head of Corporate Investment Banking at Riyad Capital added, "This achievement underscores Riyad Capital's deep market expertise and execution excellence”.

“As a trusted advisor for critical transactions, our team continues to drive market-defining transactions, offering clients best-in-class financial advisory and capital markets solutions that align with their strategic objectives”, they further said.

Riyad Capital's market leadership extends beyond ECM, with the firm playing a prominent role in Debt Capital Markets (DCM) and Structured Finance.

In 2024, Riyad Capital acted as Joint Arranger and Joint Lead Manager for Riyad Bank's $750mn ESG Additional Tier 1 Sukuk, further reinforcing its standing in the Kingdom's fixed-income space.

It also served as Sole Coordinator and Joint Lead Manager for Rawabi Holding Company's $645mn (SAR 2.4bn) Sukuk Issuances and played a role in Saudi Aramco's $6bn bond issuance.

Additionally, Riyad Capital structured the $66.7mn (SAR 250mn) Riyad Financing Fund IV, showcasing the firm stronghold across business lines.

Riyad Capital is a leading fully-fledged investment manager and the largest custodian in Saudi Arabia.

Through its four business lines; asset and wealth management, brokerage, corporate investment banking, and securities services, the company offers end-to-end investment management services.

Riyad Capital managed over $24bn in assets and over $222 bn in assets under custody as of December 2024.

The company was recognized among the Middle East's top 5 Asset Managers 2024 by Forbes Middle East and received the Saudi Capital Market Award for Custodian of the Year 2024.

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