RIYADH: Kuwaiti car distributor Ali Alghanim and Sons Automotive Co raised more than $3 billion in a private placement ahead of its public offering, which was 11 times oversubscribed, according EFG Hermes. The firm has listed 124.8 million shares for 793 Kuwaiti fils a share, representing 45 percent of its share capital, with a market capitalization of $717 million. This makes the automotive firm the first IPO in the Kuwaiti stock market since 2020. EFG Hermes’ Investment Banking division said it has completed the advisory for Ali Alghanim $323m private placement ahead of the initial public offering on Boursa Kuwait. The upcoming IPO will be the agency"s first as joint bookrunner. Ali Alghanim also distributes cars in Iraq, as well as Kuwait — among them, the Land Rover, Mini, BMW, Rolls-Royce, and McLaren marques.