Riyad Capital Tops 2024 ECM League Table with c. USD 1.7 Billion (SAR 6.35 billion) in Credited Deal Value, Following the Completion of Saudi Arabia’s First-ever Share Distribution In-Kind

Logo of Riyad Capital

Riyad Capital has emerged as the top-ranked financial institution in Bloomberg's 2024 Equity Capital Markets (ECM) for 2024, with credited deal value of approximately USD 1.7 billion (SAR 6.35 billion), representing a 9.40% market share.

The firm’s market share is up 4.73% percentage 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 deliver high-impact deals, including Saudi Arabia’s first-ever share distribution in-kind, two IPOs, and a secondary offering.

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 USD 1.6 billion (SAR 6 billion) rights issuance, a USD 2.22 billion (SAR 8.34 billion) capital reduction, and a USD 5.62 billion (SAR 21.09 billion) 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: "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 for the USD 229 million (SAR 859 million) IPO of Fourth Milling Company on the Main Market, as well as the USD 11 million (SAR 40 million) IPO of Quara Finance Company on NOMU (Saudi Arabia’s parallel market). Additionally, Riyad Capital acted as Joint Bookrunner in Saudi Aramco’s USD 11.22 billion (SAR 42.1 billion) secondary offering.

Abdullah Al-Medemigh, Managing Director, 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.”

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 USD 750 million 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 USD 645 million (SAR 2.42 billion) Sukuk Issuances and played a role in Saudi Aramco’s USD 6 billion bond issuance.

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