EFG Hermes Concludes Advisory on Trolley’s Initial Public Offering and Listing on Boursa Kuwait

EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA), announced today the successful completion of its advisory role on Trolley General Trading Company K.S.C.C.’s (“Trolley”) private placement and listing on the Premier Market of Boursa Kuwait. EFG Hermes acted as Joint Global Coordinator and Joint Bookrunner on the transaction.

The offering involved the sale of 96.25 million existing ordinary shares by existing shareholders, representing 35% of Trolley’s issued share capital, increased from the initially offered 30% due to strong investor demand. Based on an offer price of 618 Kuwaiti Fils per share, the transaction size amounted to approximately USD 195 million, implying a market capitalization of approximately USD 552.58 million. The offering was met with overwhelming demand from both local and international institutional investors, with subscription coverage reaching 15.2x of the initially offered shares.

The offering was made available to eligible professional investors, with the final offer price determined through a bookbuilding process. The transaction marks a significant milestone for Trolley as it joins the Premier Market of Boursa Kuwait, supporting the company’s strategy to broaden its investor base, enhance corporate governance standards, and strengthen its position as a leading convenience-led grocery retailer in the region.

Founded in 2010, Trolley has established itself as a prominent convenience retail platform in the Gulf, operating a dual-format store network comprising premium Trolley stores and value-oriented Baqala stores across Kuwait and the Kingdom of Saudi Arabia. As of June 2025, the company operated 204 stores, including 134 stores in Kuwait, 53 stores in Saudi Arabia, and 17 Baqala stores, strategically located in high-traffic urban centers, fuel stations, and residential communities.

Karim Meleka, Co-Head of Investment Banking at EFG Hermes, said: “We are proud to have supported Trolley on this important milestone with the successful completion of its IPO and listing on Boursa Kuwait’s Premier Market. Delivering a successful transaction in an uncertain market backdrop highlights the strength of our execution and distribution capabilities. At EFG Hermes, we remain committed to delivering best-in-class advisory services and supporting our clients as they pursue their long-term growth ambitions.”

Karim Galal, Managing Director, Investment Banking at EFG Hermes, commented:

“The successful execution of Trolley’s IPO and listing reflects the strength of our distribution capabilities across local, regional, and international investor bases. Leveraging our deep industry expertise and execution capabilities, we delivered a high-quality outcome for our client. This transaction further underscores our continued commitment to the Kuwaiti market, building on a track record of consecutive successful IPOs, and reinforces our role as a trusted partner for local issuers.”

In 2025, EFG Hermes advised on 18 equity capital market (ECM) transactions, 16 debt capital market (DCM) transactions, and 8 M&A transactions across the region, with notable engagements in Saudi Arabia, the UAE, Oman, and Egypt. These activities highlight the firm’s leadership in regional capital markets and its ongoing role in connecting regional and international investors with strategic opportunities.