AS&H in co-operation with Clifford Chance acts as issuer's counsel to Saudi Tadawul Group on its US$1 billion landmark IPO and US$3.36 billion listing on Tadawul

Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in co-operation with Clifford Chance has acted as issuer’s counsel to Saudi Tadawul Group Company on its SAR 3.78 billion (approx. US$1 billion) landmark IPO and SAR 12.6 billion (approx. US$3.36 billion) listing on the Saudi Exchange (Tadawul), marking the biggest exchange IPO since Euronext went public in 2014. Saudi Tadawul Group Company is a leading diversified capital market group in the MENA region.

The IPO was conducted in accordance with Regulation S under the US Securities Act and took place by way of a fully secondary sale by the existing shareholder, the Public Investment Fund (PIF), whereby 36,000,000 shares (comprising 30% of the total share capital of Saudi Tadawul Group Company) were sold to the public.

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).