Baker McKenzie with HSBC Saudi Arabia on Derayah’s IPO
Baker McKenzie represented HSBC Saudi Arabia as the sole underwriter, financial advisor, bookrunner, global coordinator, and lead manager within Derayah’s initial public offering (IPO) on Tadawul, the main market of the Saudi Exchange.
The context
Derayah is an independent digital investment platform based in Saudi Arabia. Founded in 2009, the company provides clients with a wide brokerage offering in local, regional and international markets.
In connection with the IPO, the Derayah offered 49,947,039 ordinary shares, representing 20% of its issued share capital upon completion of the offering. The operation has been finilised under the approval of the Capital Market Authority (CMA), with the final offer price being set at SAR 30 per share, at the top end of the previously announced price range, thus resulting in a market capitalization of c. SAR 7.5 billion (c. USD 2.0 billion) at the time of listing.
The IPO has generated orders totaling SAR 243 billion (USD 64.8 billion), with a subscription coverage of approximately 162 times, and a participation of 586,422 retail subscribers. The total demand sat at approximately SAR 2.3 billion (USD 600 million). Derayah’s trading debut took place on 10 March 2025.
The Baker Mckenzie team
The Baker McKenzie team working on the matter included Riyadh-based Nadine Nassar (pictured) and Sara AlNasser, as well as Charles Farnsworth from the London office.
