Baker McKenzie with HSBC and EFG Hermes on IPO

Baker McKenzie has represented the joint-bookrunners and joint-underwriters, HSBC Saudi Arabia and EFG Hermes KSA, in the regulation S initial public offering (IPO) of United International Holding Company (UIHC) on the main market of the Saudi exchange (Tadawul). 

UIHC, a subsidiary of United Electronics Company (eXtra), is one of the largest providers of sharia-compliant consumer finance services in Saudi Arabia. It is the parent company of two subsidiaries: Tas’heel Finance, an islamic consumer finance operator, and Procco Financial Services, a captive processing and outsourcing services company. 

The capital market authority approved UIHC’s application to list its shares on Tadawul and the public offering of 7,5 million ordinary shares, representing 30% of its issued share capital upon completion of the offering. The final offer price has been set at SAR 132 per share. The institutional book-building process generated an order book of SAR 131 billion, resulting in a subscription coverage of approximately 132 times. UIHC’s shares (stock code: 4083) commenced trading on 3 December 2024.

Baker McKenzie’s team

The Baker McKenzie team comprised counsel Nadine Nassar (pictured left) and of counsel Charles Farnsworth (pictured right).