Emirates NBD Capital marks first transaction on Saudi’s Nomu Market with Burgerizzr listing


Burger chain’s stock price up 30% on first day of trading

 Mohammad Al Bastaki, CEO, Emirates NBD Capital

Dubai, UAE: Shares of Saudi Arabia’s Shatirah House Restaurant Co. (Burgerizzr) began trading on Saudi Parallel Market Nomu on Wednesday, September 8.

Burgerizzr, one of the fastest growing burger chains in Saudi Arabia, listed under the trading symbol 9520 and ISIN Code SA15C2IKKO13.  A total of 725,000 ordinary shares, representing 29 percent of the company’s total shares, were fully subscribed at the top end of the price range at SAR 165 per share.

Emirates NBD Capital, the investment banking arm of Emirates NBD, one of the leading banking groups in the MENAT (Middle East, North Africa and Turkey) region, acted as Sole Financial Advisor and Lead Manager for the burger chain’s initial public offering (IPO), which was oversubscribed by 500 percent on the first day of subscriptions and eventually ended at over 6,000 percent at the end of the book building process. The deal witnessed exceptional interest from local, regional and international investors with a coverage of over 66 times of the total offered shares, while marking Emirates NBD Capital’s first transaction on the Nomu Market.

Commenting on Burgerizzr’s public debut on the Nomu exchange, Mohammad Al Bastaki, CEO, Emirates NBD Capital, said: “The Nomu listing is a focal point for small and medium-sized enterprises that want to improve brand awareness to raise capital and increase awareness among existing and new investors. With most orders at the high end of the price range (SAR 165) due to the company’s exceptional equity story and profile, we believe many companies may use Burgerizzr’s successful listing as a benchmark and a first step to potentially list on the Tadawul main market. Emirates NBD is the first non-Saudi bank to have a significant branch network across the Kingdom. As Saudi rolls out its transformative Vision 2030 plan, we are delighted to continue supporting Saudi individuals and businesses looking for a trusted banking partner and increase capital and trade flow across the region.”

Khalid Al-Ruwaigh, CEO, Emirates NBD Capital KSA, added“We are proud to mark Emirates NBD Capital’s first transaction on the Nomu Market. The fact that a company like Burgerizzr has gone public successfully despite the Covid impact on the food and beverage sector is a positive sign for the region’s markets, and we expect to see more companies opting for this approach either to raise capital to accelerate their expansion or to cash out a portion of their investment, not to mention the option of Direct-Listing in Nomu. Emirates NBD KSA offers full-fledged services across retail, private, business and wholesale banking, as well as corporate finance advisory, project and syndicated finance, and we are committed to delivering value and contributing to the long-term development of the Kingdom’s economy and vision 2030.”

Mohammed Al-Ruwaigh, founder and Chairman of the Board of Directors, Shatirah House Restaurant Co. (Burgerizzr) expressed his thanks to the Capital Market Authority and Tadawul company, for the facilities and support they provide to national companies for offering in the stock market, and he also expressed his appreciation and thanks to the investors who participated in covering the subscription of Burgerizzr, and for ENBD Capital for leading this listing.

Mr Al-Ruwaigh further commented: “By this offering for trading on NOMU – Parallel Market, Burgerizzr is heading into a new phase of expansion and transparency to achieve sustainability in its business and activities and lead in the sector.”

Nomu is a parallel equity market for small and medium-sized enterprises in Saudi Arabia, launched by the Saudi Stock Exchange Tadawul. It aims to increase the number of listed companies in the Kingdom, which is a crucial goal in its Vision 2030.

About Emirates NBD:

Emirates NBD (DFM: Emirates NBD) is a leading Banking Group in the MENAT region. As at 30th June 2021, total assets were AED 694 Billion, (equivalent to approx. USD 187 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Group expanding its presence to 13 countries, servicing over 14 million customers. The Group is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands. 

The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Group announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named ‘Best Bank in the Middle East’ and ‘UAE’s Best Bank’ in 2021 for a seventh consecutive year by Euromoney. In addition, Emirates NBD received the ‘Excellence in Leadership in the Middle East’ award, introduced in 2020 in light of the Covid-19 impact, as a recognition of its efforts in responding to the Covid-19 crisis. Emirates NBD ranked 5th in Forbes’ Top 100 companies in the Middle East for 2021. The Bank is ranked 87th in The Banker’s list of the World’s Top 1,000 Banks.  Emirates NBD was named ‘Bank of the Year – UAE 2020’ for the sixth year and ‘Bank of the Year – Middle East 2020’ for the third time by The Banker. In addition, Emirates NBD has been assessed as the ‘Strongest Bank in the UAE’ and ‘Fifth Strongest Bank in the Middle East’ by The Asian Banker 500 Largest and Strongest Banks Rankings.

The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 905 branches and 4,044 ATMs / SDMs. The Group has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.

Emirates NBD is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. The Group is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.