8,000-Employee FM Giant EFSIM Sets December IPO on TASI – 54% Revenue CAGR (Full Details Inside)
Tadawul IPO Index TIPOC.SA | 4016.31 | -0.70% |
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EFSIM IPO Overview
EFSIM Facilities Management Company, a leading provider of integrated facilities management (IFM) services across Saudi Arabia, has announced its intention to launch an initial public offering on the Main Market of the Saudi Exchange. The company received approval from the Capital Market Authority (CMA) on September 29, 2025, and conditional listing approval from the Saudi Exchange on June 4, 2025.
What's Happening
EFSIM is proceeding with an IPO that will list the company's ordinary shares on Saudi Arabia's main stock exchange. This move represents a significant milestone for the facilities management sector in the Kingdom and offers investors an opportunity to participate in the growth of a key service provider supporting Saudi Arabia's infrastructure development.
Key IPO Information
- Retail Subscription Period: December 18-22, 2025
- Book-Building Period: December 1-7, 2025
- Total Shares Offered: 16,800,000 shares
- Final Offer Price: To be determined after book-building process
Offering Structure
The offering comprises two components:
- Sale of Existing Shares: 5,800,000 shares (10.4% of post-offering capital) will be sold by current shareholders in proportion to their existing ownership stakes.
- New Share Issuance: 11,000,000 newly issued shares (19.6% of post-offering capital) will be created through a capital increase.
The offering is restricted to two investor categories: Participating Parties (institutional investors participating in the book-building process) and Individual Subscribers (retail investors). Any unsubscribed shares will be purchased by the Financial Advisor acting as underwriter.
Introducing the new IPO feature on Sahm platform: A step-by-step guide to subscribing to the IPO
IPO Summary
| Category | Details |
|---|---|
| Company Name | EFSIM Facilities Management Co. |
| Market | Main Market (TASI) |
| Core Activities | Facility management services |
| Company’s Capital Pre-Offering | SAR 90 Million |
| Company’s Capital Post-Offering | SAR 112 Million |
| Total Shares Pre-Offering | 45 Million |
| Total Shares Post-Offering | 56 Million |
| Par Value | SAR 2 per share |
| Issue Percentage | The Offer Shares represent thirty-seven point three per cent. (37.3%) of the share capital of the Company before the Offering and Capital Increase, and thirty per cent. (30%) after the Offering. |
| Number of Offered Shares | 16.8 Million |
| Qualified Subscribers | Participating institutions & Retail investors |
| Total Number of Shares Offered to Retail Investors | 5.04 Million shares (30% of the offering size) |
| Minimum Number of Offer Shares to be Applied for by Individual Investors | 10 shares |
| Maximum Number of Offer Shares to be Applied for by Individual Investors | 750,000 shares |
| Minimum Number of Offer Shares to be Applied for by Institutional Investors | 50,000 shares |
| Maximum Number of Offer Shares to be Applied for by Institutional Investors | 2.8 Million shares |
About EFSIM:
Founded in 2008, EFSIM has established itself as a leading integrated facilities management provider in Saudi Arabia, serving prominent blue-chip clients and flagship projects throughout the Kingdom. As a first mover in the output-based facilities management segment, the company has built a nationwide presence across all major regions with a workforce exceeding 8,000 employees.
EFSIM delivers comprehensive, output-based IFM solutions to critical sectors including aviation, oil and gas, healthcare, education, and giga projects—all aligned with Saudi Arabia's Vision 2030 priorities. The company offers over 75 specialized service lines, building its reputation on a proven track record, distinguished service quality, and deep client trust. Through its affiliation with EFS Group, a regional facilities management platform operating across 26 countries, EFSIM benefits from access to advanced systems and frameworks that enhance its service delivery capabilities.
EFSIM by the Numbers
Operational Scale: The company manages 118 active service contracts as of March 31, 2025, covering more than 32 million square meters of facilities nationwide. With a client retention rate exceeding 90% over the past decade, EFSIM has demonstrated its ability to deliver innovative, high-quality service consistently. The company's workforce includes 991 directly employed Saudi nationals among its 8,000+ highly skilled employees.
Financial Performance: EFSIM recorded SAR 803 million in revenue for fiscal year 2024, representing a robust 54.2% compound annual growth rate from 2022 to 2024. This growth momentum continued into 2025, with nine-month revenues reaching SAR 725 million, marking 24.7% growth compared to the same period in 2024.
The company achieved SAR 93 million in Adjusted EBITDA for fiscal year 2024, reflecting an 11.6% margin that demonstrates disciplined cost management and operational efficiency. In the first nine months of 2025, Adjusted EBITDA reached SAR 83 million—a 59% increase compared to the prior year period—while maintaining margins at 11.5%. Net profit for fiscal year 2024 totaled SAR 52 million (6.4% margin), with nine-month 2025 net profit at SAR 44 million (6.1% margin).
Contract Pipeline and Backlog: Between fiscal year 2022 and March 31, 2025, EFSIM secured new contracts totaling SAR 3.6 billion, resulting in a contractual backlog of SAR 1.8 billion as of March 31, 2025, with a weighted average remaining contract life of three years. The company's strong business development continued into 2025, with new contract awards exceeding SAR 930 million through July 31, 2025, demonstrating sustained market demand for its services.
Information above is sourced and summarised from the company's Prospectus.
Investor Groups
The offering is divided into two distinct tranches designed to accommodate both institutional and retail investors:
Tranche A: Participating Parties (Institutional Investors)
Institutional investors eligible to participate in the book-building process under CMA regulations will initially be provisionally allocated all 16,800,000 Offer Shares (100% of the offering). However, the final allocation will be determined after the Individual Subscribers' subscription period closes, using a discretionary allocation mechanism. If sufficient demand exists from retail investors, the Financial Advisor, in coordination with the company, may reduce the institutional allocation to 11,760,000 shares, representing 70% of the total offering. Some institutional investors may receive no allocation depending on demand.
Tranche B: Individual Investors (Retail Subscribers)
Up to 5,040,000 Offer Shares (30% of the total offering) may be allocated to Individual Subscribers. Eligible investors include:
- Saudi Arabian natural persons
- Saudi female divorcees or widows with minor children from marriages to non-Saudi nationals (subscribing for themselves and their minor children, with proper documentation)
- GCC natural persons
- Non-Saudi natural persons who are residents or were previously residents of Saudi Arabia or GCC countries
All Individual Subscribers must have an investment account and active portfolio with a Receiving Agent, with the ability to open an investment account with a Capital Market Institution.
Subscription Requirements for Individual Investors:
- Minimum subscription: 10 shares
- Maximum subscription: 750,000 shares
- Minimum guaranteed allocation: 10 shares per subscriber (if total subscribers remain below 504,000)
If Individual Subscribers exceed 504,000, the minimum allocation is not guaranteed, and shares will be allocated at the discretion of the Financial Advisor in coordination with the company. Any remaining shares after the minimum allocation will be distributed proportionally based on the number of shares requested by each subscriber.
Important restrictions apply: Subscriptions made by an individual in the name of his divorcee are invalid and subject to legal sanctions. Duplicate subscriptions will be rejected, with only the first subscription accepted. If Individual Subscribers do not fully subscribe to their allocated shares, the Financial Advisor may reduce the retail tranche allocation proportionally.
Shareholder Structure
The table below illustrates the ownership structure of EFSIM before and after the offering, showing how the IPO will diversify the shareholder base while existing major shareholders reduce their stakes proportionally.
Pre-Offering and Post-Offering Ownership Structure:
| Shareholder | Pre-Offering Shares | Pre-Offering Ownership (%) | Pre-Offering Nominal Value (SAR) | Post-Offering Shares | Post-Offering Ownership (%) | Post-Offering Nominal Value (SAR) |
|---|---|---|---|---|---|---|
| EFS Group | 24,750,000 | 55% | 49,500,000 | 21,560,000 | 38.5% | 43,120,000 |
| AlKhafrah Company | 6,750,000 | 15% | 13,500,000 | 5,880,000 | 10.5% | 11,760,000 |
| Lama Company* | 5,850,000 | 13% | 11,700,000 | 5,096,000 | 9.1% | 10,192,000 |
| Career First Company | 4,500,000 | 10% | 9,000,000 | 3,920,000 | 7% | 7,840,000 |
| Khaled Abdulrahman Abdullah AlKuwaiz** | 3,150,000 | 7% | 6,300,000 | 2,744,000 | 4.9% | 5,488,000 |
| Public | N/A | N/A | N/A | 16,800,000 | 30% | 33,600,000 |
| Total | 45,000,000 | 100% | 90,000,000 | 56,000,000 | 100% | 112,000,000 |
*Lama Company is wholly owned by Mr. Abdulraouf Al-Bitar, who also indirectly holds 8.4% of the company's shares through his 100% ownership of LHC Investment LLC. LHC Investment LLC owns 15.34% of EFS Group, which prior to the offering owns 55% of the company's shares. Other than this arrangement, the major shareholders listed above do not hold any indirect shareholdings in the company.
**Mr. Khaled Abdulrahman Abdullah AlKuwaiz will not be considered a substantial shareholder following the offering, as his ownership will fall below 5%. Accordingly, he will be classified as part of the public post-offering.
Expected Offering Timetable
| Event | Date |
|---|---|
| Bidding and Book-Building Period for Participating Parties | 7 calendar days commencing Monday, December 1, 2025, until the end of Sunday, December 7, 2025 (10/06/1447H - 16/06/1447H) |
| Deadline for Submission of Subscription Application Forms Based on Provisionally Allocated Offer Shares (Participating Entities) | Tuesday, December 16, 2025 (25/06/1447H) |
| Subscription Period for Individual Subscribers | 5 calendar days commencing Thursday, December 18, 2025, until the end of Monday, December 22, 2025 (27/06/1447H - 02/07/1447H) |
| Deadline for Payment of Subscription Amount by Participating Entities Based on Provisionally Allocated Offer Shares | Thursday, December 18, 2025 (27/06/1447H) |
| Deadline for Submission of Subscription Application Forms and Payment of Subscription Amount by Individual Subscribers | Monday, December 22, 2025 (02/07/1447H) |
| Announcement of Final Allocation of Offer Shares | No later than Thursday, December 25, 2025 (05/07/1447H) |
| Refund of Excess Subscription Monies (if any) | No later than Thursday, December 25, 2025 (05/07/1447H) |
| Expected Commencement Date for Trading the Shares on the Exchange | Trading is expected to commence after completion of all relevant legal requirements and procedures. The trading commencement date will be announced on Tadawul's website (www.saudiexchange.sa) |
Important Note: The above timetable and dates are indicative and subject to change. Actual dates will be posted by the Financial Advisor on the websites of the Saudi Exchange (www.saudiexchange.sa) and the Financial Advisor (www.efghermesksa.com).
Introducing the new IPO feature on Sahm platform: A step-by-step guide to subscribing to the IPO
Click to read the full Prospectus
Further updates regarding this IPO will be provided as more information becomes available.