Global law firm White & Case LLP has advised Leejam Sports Company on its SAR 817 million (approximately US$218 million) initial public offering of 30 percent of its share capital on the Saudi Stock Exchange (Tadawul).
"This was the first fitness chain to list in the region and the first company to list on Tadawul so far this year," said Riyadh-based White & Case partner Robert Vydra, who led the Firm's deal team. "It's exciting to support a company that is reflective of the transformational changes that we are currently witnessing in Saudi Arabia – Leejam opened its first fitness center for women in Saudi Arabia in July 2017."
Leejam Sports Company is the operator of the largest network of fitness centres in Saudi Arabia and the MENA region under the Fitness Time brand. As of December 31, 2017 it owned and operated more than 112 fitness centers under the Fitness Time brand, of which 108 were located across 23 cities in Saudi Arabia, with four in the United Arab Emirates.
The White & Case team in Riyadh which advised on the transaction was led by partner Robert Vydra with support from associates Yasser Alkhelaiwi, Majed Alkuraydis, Amal Alotaibi and Saif Aleifan.
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