Global law firm White & Case LLP and The Law Office of Megren M. Al-Shaalan have advised GIB Capital as financial advisor and lead underwriter and Albilad Capital as co-underwriter on the initial public offering (IPO) of Arabian Contracting Services Company (Al Arabia) on the Main Market of the Saudi Stock Exchange (Tadawul).
Al Arabia offered 15 million ordinary shares to institutional and retail investors, amounting to 30 percent of its share capital. With the total IPO proceeds raising SAR 1.5 billion (US$ 400 million), Al Arabia's implied market capitalisation was approximately SAR 5 billion (US$ 1.3 billion) at the commencement of trading.
The institutional offer comprised 90 percent of the offer shares and was oversubscribed by 126.6 percent. The remaining 10 percent offer shares were offered to retail investors.
Al Arabia offers advertising, promotion, printing and maintenance services, which include roadside advertisement and indoor advertisement. The company owns and operates the largest portfolio of out-of-home advertising billboards, covering 30 cities across Saudi Arabia.
The White & Case team that advised on the transaction was led by partner Sami Al-Louzi and associate Ibrahim Soumrany (both Dubai) and included associates Mohamed Hasan, Nawaaf Alawaad and Simon O'Connell-Schizas (all LOMAS, Riyadh).
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