EFSIM drops TASI IPO plans

EFSIM Facilities Management Co. said it will reconsider the IPO in the future

EFG Hermes Saudi Arabia announced that EFSIM Facilities Management Co. decided - after consultation with its financial advisor - not to proceed with the initial public offering (IPO) of its shares on Tadawul.

In a statement to Tadawul, the brokerage firm said that EFSIM remains committed to its expansion and strategic plans and intends to continue pursuing them. The company will explore various expansion options and will reconsider the IPO in the future, the statement added without clarifying the reasons for the decision.

According to data available on Argaam, EFSIM recently began the process of offering 16.8 million shares on the Saudi Main Market (Tadawul). The book-building period for institutional investors was set to begin on Dec. 1, 2025 for seven days, ending on Dec. 7, 2025, with a price range set between SAR 19 and SAR 20 per share.

The company is active in providing integrated facilities management services across various regions of the Kingdom. Its core services include cleaning, operations, and maintenance, serving several sectors such as aviation, education, and oil and gas.

This marks the second cancellation in the Saudi market over the past two weeks, as Zahr Al Khuzama Aluminum Co. (Lavenco)  canceled its IPO on the Nomu-Parallel Market at the end of last November due to insufficient coverage.