Meysan advises Beyout investment group holding on successful offering and listing on Kuwait stock exchange

Kuwait June 11, 2024 – Meysan advised Beyout Investment Group Holding (“BIG”), a family business group managing integrated services portfolios, on the successful offering of 90,000,000 ordinary shares, representing 30% of BIG issued share capital and its listing on the Premier Market of the Kuwait Stock Exchange. This landmark transaction marks the first listing on Boursa Kuwait since 2022 and one of the few Kuwaiti listing transactions in the last decade. 

The private offering to qualified investors attracted high demand from both international and regional investors and was oversubscribed approximately by 17 times with a total demand of more than 767 million KWD (USD 2.5Bln). 

The celebratory bell-ring ceremony took place at the Kuwait Stock Exchange, announcing the official listing and commencement of trading of BIG’s shares on Boursa Kuwait, and marking a historic moment for BIG and the Kuwait Capital Market landscape in general. 

The transaction marks the first private offering of shares using the book building process to determine the final offer price since the introduction of the book building mechanism under the Capital Markets Authority’s (CMA) regulations in 2022. The transaction implicated multiple legal challenges including the structuring of the offering to attract investors while ensuring strict adherence to all regulatory requirements, and the timely execution of the transaction based on the market conditions.

Meysan assisted BIG throughout the entire process and work streams by conducting all necessary diligence on the offering and listing requirements. Meysan’s role also encompassed structuring the offering including the book building and subscription process, and the pricing and allocation mechanisms in compliance with regulatory frameworks and securing approvals from CMA and Boursa Kuwait.  Meysan worked closely with National Investments Company K.S.C.P.  (NIC) acting as listing advisor and subscription agent and with EFG-Hermes UAE Limited as the Joint Global Coordinators and Bookrunners, to ensure smooth and timely execution of the transaction.

Partner at Meysan, Tarek Yehya said “We congratulate Al-Khannah family for achieving this milestone. We are proud at Meysan to be working closely with leading family businesses in Kuwait and helping them to achieve their crucial objectives. We understand the challenges that families face in maintaining their legacy and we support them in implementing their strategy. We are confident that this successful listing, will further encourage other family businesses to access the benefits of the capital markets.” 

In his comment, Dr. Abdulwahab Sadeq said: “We are delighted to announce our role in assisting BIG in its successful listing on Boursa Kuwait. By going public, family-owned companies can ensure smoother generational transitions and secure their long-term continuity. Our firm has extensive experience in navigating the complexities of capital markets, and we are committed to contribute to the sustainable growth and future prosperity of family enterprises in the region. Our firm is currently working with other family businesses to take similar steps towards going public, further reinforcing our dedication to fostering economic resilience and growth in Kuwait”. 

The transaction team was led by Partner Tarek Yehya along with Partner Dr. Abdulwahab Sadeq, Senior Associate Samar Jrade, and Associate Nour Mashmoushi.