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EFG Hermes tops LSEG MENA ECM Bookrunner rankings for second consecutive year
LSEG’s assessment is based on total proceeds raised and the number of completed transactions
- PUBLISHED: Fri 23 Jan 2026, 7:15 PM
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EFG Hermes, an EFG Holding company and a leading investment bank in the Middle East and North Africa (MENA), has been ranked the number one bookrunner for equity capital markets (ECM) in the MENA region by the London Stock Exchange Group (LSEG) for 2025, according to the latest league tables.
The ranking marks the second consecutive year EFG Hermes has secured the top position, following its number one placement in 2024. LSEG’s assessment is based on total proceeds raised and the number of completed transactions, reflecting activity across multiple exchanges and equity product types throughout the year.
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In 2025, EFG Hermes acted as bookrunner on 12 ECM transactions—double the number completed by the second-ranked bank by deal count and raised the highest total proceeds in the region. The firm was active across key MENA exchanges, including Tadawul, Nomu, Abu Dhabi Securities Exchange (ADX), Dubai Financial Market (DFM), Nasdaq Dubai, Muscat Stock Exchange (MSX), Bourse Kuwait, and the Egyptian Exchange (EGX).
Mostafa Gad, global head of investment banking at EFG Hermes, said the ranking reflects the firm’s expanding regional footprint and long-standing client relationships. He noted that EFG Hermes continues to focus on executing transactions that support both client objectives and the broader development of MENA capital markets, leveraging its ability to operate across multiple jurisdictions and regulatory environments.
EFG Hermes was the only investment bank in 2025 to execute ECM transactions across Saudi Arabia, the UAE, Oman, Kuwait, and Egypt, highlighting its pan-regional execution capabilities. Over the course of the year, the firm advised on a total of 42 transactions across the region, including 18 ECM, 16 debt capital markets (DCM), and 8 mergers and acquisitions (M&A) deals.
The firm was active across a range of ECM structures, including initial public offerings (IPOs), accelerated bookbuilds (ABBs), and a rights issue. Among the year’s notable transactions was the Jamjoom IPO in Saudi Arabia, where EFG Hermes acted as sole financial advisor for the first time in the Kingdom. The bank also served as joint global coordinator on the ADNOC Gas secondary offering, the largest placement in the history of the ADX.
In addition, EFG Hermes acted as joint global coordinator on the only IPOs completed in Kuwait and Oman during 2025 — Action Energy and Asyad, respectively, underscoring its role in executing landmark and first-of-their-kind transactions in less active equity markets. The firm also served as financial advisor and bookrunner on a bespoke rights issue for Depa on Nasdaq Dubai.
Christopher Laing, head of ECM at EFG Hermes Investment Banking, said the firm’s performance was driven by a combination of broad research coverage and strong institutional and family office investor access across the region. He added that EFG Hermes continues to maintain leading market positions across several exchanges, including the Dubai Financial Market, where it has ranked as the top trader for eight consecutive years.
The latest LSEG ranking reinforces EFG Hermes’ position as a leading equity capital markets house in MENA amid continued issuance activity across the region’s capital markets.
