White & Case and The Law Office of Megren M. Al-Shaalan advise on Alamar Foods Company IPO

Press Release
2 min read

Global law firm White & Case LLP and The Law Office of Megren M. Al-Shaalan have advised HSBC Saudi Arabia as Lead Manager, Financial Advisor, Bookrunner and Underwriter on the initial public offering (IPO) of Alamar Foods Company on the Main Market of the Saudi Stock Exchange (Tadawul).

Alamar Foods offered 10.63 million ordinary shares to institutional and retails investors, amounting to 41.7 percent of its share capital. With total IPO proceeds raising SAR 1.22 billion (approximately US$326 million), Alamar Foods' implied market capitalisation was approximately SAR 2.9 billion (approximately US$782 million) at the commencement of trading on August 9, 2022.

The sale of offer shares was also made to institutional investors pursuant to Regulation S of the US Securities Act 1933 and represented a new precedent and the first IPO in the market whereby a private equity firm, Carlyle Group, fully exited its investment in Alamar Foods via IPO.

The final offer price was set at SAR 115 (US$30.64). The institutional offer comprised 90 percent of the offer shares and was oversubscribed by 47.5 times. The remaining 1.063 million shares, offered to retail investors, was 6.9 times oversubscribed.

Alamar Foods is a leading quick service restaurant operator in the Middle East, North Africa and Pakistan region (MENAP) of two globally recognized brands: Domino's, where Alamar has the exclusive right to develop and operate in 16 MENAP countries; and Dunkin', where Alamar has the exclusive right to develop and operate outlets as a franchisee in Egypt and Morocco. Today, Alamar operates more than 520 Domino's outlets across 11 MENAP countries and more than 40 Dunkin' outlets in Egypt and Morocco.

The White & Case team that advised on the transaction was co-led by partner Sami Al-Louzi (Dubai) and local partner Ibrahim Soumrany (Dubai) and included partner Laura Sizemore (London). The Law Office of Megren M. Al-Shaalan team in Riyadh was led by managing partner Megren Al-Shaalan and included local partner Waad Alkurini and associates Simon O'Connell-Schizas, Jad Slim and Nezar Al-Abbas.

Press contact
For more information please speak to your local media contact.