Legal Advisors Abdulaziz Alajlan & Partners, in association with Baker & McKenzie Limited, has acted as legal counsel for Professional Medical Expertise Company (ProMedEx) through its initial public offering (IPO) on the Parallel Market of the Saudi Exchange (Nomu). The Saudi medical devices distributor raised SAR 71.4 million (USD 19.04 million) in the IPO, marking a significant milestone in the company’s growth journey.
On 26 July 2023, ProMedEx achieved a successful listing on the Nomu – Parallel Market and now trades under the ticker symbol “9574.” The IPO was a crucial step for ProMedEx to raise funds for its expansion plans and to establish a strong presence in the Gulf Cooperation Council (GCC) region. With a new office in the United Arab Emirates and plans to operate in Bahrain and Kuwait, ProMedEx aims to serve as a leading representative for cutting-edge and high-quality medical technologies from renowned manufacturers.
Commenting on this transaction, Counsel Nadine Nassar (pictured) who led the Legal Advisors team said: “We are thrilled to be advising and guiding ProMedEx on their IPO journey. With the extensive experience our team has in guiding companies through the intricacies of IPO processes, we have provided ProMedEx comprehensive legal support and strategic counsel throughout its journey to becoming a publicly traded entity.”
Partner Abdulrahman Alajlan commented: “The Nomu – Parallel Market of the Saudi Exchange provides an ideal platform for growth-oriented companies, such as our client ProMedEx, to access the capital markets and raise funds for expansion and strategic initiatives. We have been privileged to work with our client on this significant deal.”
“Our client’s commitment to excellence in the medical devices distribution sector is truly remarkable, and we are determined to support their objectives with our legal acumen and dedication,” he added.
As a well-established medical distributor founded in 2009, ProMedEx plays a pivotal role in providing medical equipment and supplies to private and public hospitals and medical centers across the GCC. The IPO is expected to enhance ProMedEx’s region-wide portfolio plans and strengthen its position in the Gulf market.
The legal counsel, Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited Capital Markets team was led by Nadine Nassar and comprised of Karim Nassar and Rami Younes.
This recent deal adds to Legal Advisors’ impressive track record of successful transactions, including their role in advising Jamjoom Pharma on its SAR 1,260 million (USD 336 million) IPO on the Saudi Stock Exchange and supporting First Milling Company (First Mills) in its SAR 3,330 million (USD 888 million) IPO on the Main Market of the Saudi Exchange.