Baker McKenzie with Dar AlMajed on IPO & listing
Baker McKenzie advised Saudi Arabian real estate developer Dar AlMajed Real Estate Company throughout its Initial Public Offering (IPO) on the Tadawul Main Market.
The transaction
The operation entailed the public offering of 90 million ordinary shares, representing 30% of the company’s share capital. Shares were valued at SAR 14 per share (equivalent to USD 3.73), implying a market capitalization of SAR 4.2 billion (approximately more than USD 1.1 billion) at listing. The offering raised an amount of SAR 1.26 billion (approximately USD 336 million). After approval from the Capital Market Authority, Dar AlMajed effectively debuted on the Tadawul Main Market.
The Baker McKenzie team
Karim Nassar (pictured left) and Hessa AlAiban (pictured right) led the Baker McKenzie’s capital markets team advising on the IPO, with further support from Bayan AlDaej, Saud AlFantoukh, Lama AlHabib, and Abdullah Alonaizan.
The advisors
Saudi Fransi Capital served as financial advisor, lead manager, underwriter, and bookrunner on the offering, with PwC managing the financial due diligence and Colliers providing market consultancy.
