EFG Hermes, a subsidiary of EFG Holding and the leading investment bank in the Middle East and North Africa (MENA), announced that it acted as financial advisor and bookrunner to Depa, an interior solutions company, on its pro rata renounceable rights issue and its listing on Nasdaq Dubai.
According to a statement from EFG Hermes, the capital-raising transaction marked an important milestone aimed at supporting Depa’s strategic growth plans.
As part of the transaction, Depa is issuing 2,438,518,519 new ordinary shares at an offer price of AED 0.27 per share, with total expected proceeds of approximately AED 658.4 million.
The company said the capital increase is a crucial step in enabling Depa to capitalise on regional growth opportunities, strengthen its operational capabilities, and create sustainable long-term value for shareholders.
Depa added that the proceeds will be used to support working capital requirements at its subsidiaries, fund operational enhancement initiatives such as greenfield projects, and finance inorganic growth opportunities, including potential acquisitions.
Karim Meleka, Co-Head of Investment Banking at EFG Hermes, said the firm was pleased to have advised Depa PLC on what he described as a first-of-its-kind transaction for the company, requiring a tailored structuring approach and a comprehensive review of its capital needs.
He added that, as financial advisor and bookrunner, EFG Hermes focused on refining the business plan, determining and prioritising the use of proceeds, and structuring a rights issue aligned with Depa’s strategic objectives, demonstrating its ability to deliver innovative, solution-driven capital raises in close coordination with shareholders and stakeholders across the region.
Last year, EFG Hermes advised on eight mergers and acquisitions, 16 debt capital market transactions, and 18 equity capital market deals across the region, including landmark transactions in Saudi Arabia, the UAE, Kuwait, Oman, and Egypt, reinforcing its leadership position in regional markets.
