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Saudi tech company Ejada Systems Ltd. has tapped banks as it weighs a public offering at a valuation of as much as $1.5 billion, according to a Bloomberg report.
Goldman Sachs Group Inc. and Al Rajhi Capital have been hired to arrange the potential offering, which could come in the next few months, Bloomberg said citing people familiar with the matter said.
Tassnief, a credit rating agency by the Capital Market Authority, recently upgraded the long-term entity rating of Ejada ‘A’ (Single A) to A+ (Single A Plus) while short-term rating has been maintained at T-2. The outlook on the rating is “Stable”. The long-term rating of ‘A+’ denotes robust creditworthiness and very low credit risk, Tassnief said.
Ejada recorded revenue growth of 44% and 65% during 2023 and 1H2024, respectively, according to Tassnief.
Al Rajhi Bank is the largest shareholder in Ejada, holding 86% shareholding while 10% is held by Al Jazira Bank and 4% by Walaa Alghad Fund.
(Writing by Brinda Darasha; editing by Seban Scaria)
