Clifford Chance on SAL Logistics Services’ IPO and Saudi Listing 

Clifford Chance has acted as issuer’s counsel to SAL Logistics Services Co. on its SAR 2.544 billion (approx. US$678.4 million) landmark IPO with an implied market capitalization at listing of SAR 8.84 billion (approx. US$ 2.261 billion), set to mark the second largest IPO in the MENA region this year. The IPO was completed on November 1, 2023 with the listing of the shares of SAL on the Saudi Exchange (Tadawul). 

The IPO raised more than 90% of the total IPO offer volume from institutional investors and the remaining offer volume from Saudi retail investors. The IPO order book was 72x times oversubscribed, with a total demand of SAR 182.4 billion (approx. US$ 48.6 billion). 

SAL is a major cargo handling and logistics player in Saudi Arabia that is catalysing the Kingdom’s transformation into a more diversified economy connected to global markets through corporate networks and increasing flows of goods. SAL operates across four different verticals; cargo handling, logistics solutions, passenger handling, and fulfilment, offering a broad spectrum of value-added services, covering 18 airports across the Kingdom. 

A cross-border team of lawyers from both Clifford Chance and AS&H Clifford Chance advised on this transaction. 

The Clifford Chance Frankfurt team was led by partner George Hacket (pictured), supported by counsel Axel Wittmann, senior associate Andrei Manea and associate Maks Mencin

The AS&H Clifford Chance team was led by partners Majid Al-Sheikh and Omar Rashid. Senior associate Rakan Kawar and associate Motaz Alfozan were the lead associates and were supported by associates Jomana Alkathiri, Alia Alkadi, Abdulrahman Alkhudairy, Dhary AlShathry, Ibrahim Al-Mansour and Yara Abushanan (all Riyadh-based).