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Property manager EFSIM Facilities Management has withdrawn its initial public offering from the Saudi Exchange the day after its book-building process ended. EFSIM, which offers a range of facilities management services including cleaning, catering, waste collection and building contracting, had been pursuing an IPO worth a potential $90 million. Its book-building process was scheduled to […]Property manager EFSIM Facilities Management has withdrawn its initial public offering from the Saudi Exchange the day after its book-building process ended. EFSIM, which offers a range of facilities management services including cleaning, catering, waste collection and building contracting, had been pursuing an IPO worth a potential $90 million. Its book-building process was scheduled to […]

EFSIM Facilities pulls IPO from Saudi Exchange

Author: Agbi

Source: Agbi

2025/12/09 16:39

2 min read

PUBLIC$0,01558-%0,76

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Decision after book-building process
No reason given by EFSIM
IPO worth potential $90m

Property manager EFSIM Facilities Management has withdrawn its initial public offering from the Saudi Exchange the day after its book-building process ended.

EFSIM, which offers a range of facilities management services including cleaning, catering, waste collection and building contracting, had been pursuing an IPO worth a potential $90 million.

Its book-building process was scheduled to run from December 1 to December 7. The company did not report its conclusion.

EFSIM said in a statement on Monday that it had withdrawn its IPO, without giving a reason. The company hinted that it could “consider returning to the market at an optimal time”.

IPOs have struggled on the Saudi Exchange this year. Eleven companies have launched on the main market in 2025, raising a combined $3.6 billion.

As of Tuesday morning, only three of these – Mecca developer Umm Al Qura for Development and Construction Co, gym chain Sport Clubs Company and schools operator Al Masar Al Shamil Education – were trading above their offer price.

Speaking to AGBI last month, EFSIM CEO Tariq Chauhan said that he was unbothered by the timing of the listing, saying that it was more important to attain growth capital than a strong valuation.

“It’s not the valuation that matters to us,” he said. “We believe there is a good opportunity to inject capital and take advantage of the very good opportunities that are there.”

In related news, Tuesday is the final day of the offer period for Al Ramz Real Estate Company. The Riyadh-based developer stands to raise $240 million in what is now the only ongoing IPO on the main market.

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