The IPO is the second largest IPO in Saudi Arabia since Saudi Aramco's IPO in 2019 (after the ACWA Power IPO on which our firm also advised as issuer’s counsel). The institutional investor tranche, which was marketed domestically and internationally to raise more than US$1 billion from investors under Regulation S, accounted for 70 percent of the IPO. The IPO order book was 121 times oversubscribed, with a total demand of SAR 458 billion (approx. US$ 122 billion).
A strong contingent of lawyers from both AS&H and Clifford Chance advised on this transaction.
The AS&H team was led by Partners Mansoor Alhagbani and Omar Rashid (a Clifford Chance Partner seconded to Riyadh). Rakan Kawar (Senior Associate) was the lead associate and supported by Senior Associate Abdulaziz Al-Jadaan and Associates Mohammed Al-Esheikh, Haifa AlDamegh, Jomana Al-Kathiri, Haya Al-Rowaita, Ghada Al-Mazyad, Aljoahra BinAhmed, Abdulwahab Al-Kahtani, Aljawharah Al-Sadoun, Alia Al-Kadi and Nawaf Mutwalli.
The Clifford Chance team was led by Frankfurt-based US Securities Partner George Hacket who was supported by Counsel Axel Wittmann (Munich), Senior Associate Andrei Dan Manea (Frankfurt) and Associate Maks Mencin (Frankfurt).
AS&H and Clifford Chance have a strong track record advising on some of the largest, most innovative and most complex deals in the Middle East. Together, we have advised on the following notable equity capital markets transactions in the Kingdom: ACWA Power on its IPO; NCB Capital on its underwriting and sub-underwriting arrangements in relation to Saudi Aramco's US$25.6 billion IPO (Equity Deal of the Year – IFLR Middle East Awards 2020); the underwriters, Jadwa Investment and Riyad Capital, on Sulaiman Al-Habib's IPO – the first IPO in Saudi Arabia's main market in 2020 and healthcare sector since 2016; and the underwriters on Arabian Centres Company's IPO – the first ever IPO in the Kingdom with a full international offering, including a Rule 144A offering (Equity Deal of the Year – IFLR Middle East Awards 2019).