Baker McKenzie advises Al-Majed For Oud on its Tadawul IPO
Baker McKenzie has acted as legal counsel to Al-Majed For Oud Company in connection with the offering of a 30% stake, equivalent to 7.5 million shares, and listing of all its shares on the Saudi Exchange (Tadawul). Trading in the Company’s shares will commence on 15 September 2024 and will last for one day only.
Baker McKenzie team
The Baker McKenzie team comprised partners Karim Nassar (pictured left) and Hessa AlAiban, (pictured right) counsel Samar Baharon and trainee associate Fatima Ashiri.
Al Majed Oud.co
Established in 1956, Al Majed Oud.co is one of the leading manufacturers and developers of perfume and oud products in the Kingdom of Saudi Arabia, with a growing presence across the GCC. The Company boasts over 60 years of experience in the perfumery industry, offering products that embody tradition while appealing to the evolving tastes of its customers.
Commenting on the transaction, Karim Nassar, managing partner of Baker McKenzie Saudi Arabia, said: “We are proud to have supported Al Majed Oud.co in this landmark IPO. This transaction highlights the strong demand for Saudi companies in the capital markets, and we are delighted to have played a part in bringing such a distinguished local company to the public stage.”
The offering generated significant interest among institutional investors both in Saudi Arabia and internationally, leading to oversubscription by 156.5 times at a price of SAR 94 per share.