Press Release

White & Case Advises L'azurde on Landmark IPO

Global law firm White & Case LLP has advised L'azurde Company for Jewelry (L'azurde) on its SAR 477 million (approximately US$127 million) initial public offering (IPO) on the Saudi Stock Exchange.

"This was the first initial public offering in Saudi Arabia by an issuer majority controlled by a consortium of private equity investors," said Riyadh-based White & Case partner Robert Vydra, who led the Firm's deal team. "We advised on this landmark deal from the early stages, starting with the sale to the consortium of private equity investors in 2009. This IPO is another example of our long-term commitment to Saudi Arabia and it IPO also showcases our Equity Capital Markets (ECM) expertise and detailed knowledge of the evolving regulatory landscape in the Kingdom." 

L'azurde is the largest gold and jewellery designer, manufacturer and distributor in the Middle East and Africa, and the fourth largest jewellery manufacturer worldwide. The company designs and manufactures gold jewellery in Egypt and Saudi Arabia, and distributes and sells gold jewellery across more than 52 countries through more than 2,200 independent retailers. L'azurde, which employs more than 2,700 employees, also operates its own portfolio of 14 L'azurde-branded jewellery retail stores which the company hopes to expand in the coming years. It is owned by a consortium of private equity firms comprising Investcorp, Eastgate Capital and The National Investor alongside the Al Othaim family.

The White & Case team in Riyadh which advised on the transaction, was led by partner Robert Vydra with support from associates Yasser Alkhelaiwi and Majed Alkuraydis.

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