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The Law Office of Salman M. Al-Sudairi and Latham Advise solutions by stc on IPO

September 30, 2021
High profile transaction creates opportunities for investment in Saudi Arabia’s fast growing technology market.

The Law Office of Salman M. Al-Sudairi and Latham & Watkins have advised Arabian Internet and Communications Services Company (solutions by stc), a wholly-owned subsidiary of stc, on its SAR3.624 billion (US$966.35 million) initial public offering and listing on the main market of the Saudi Stock Exchange (Tadawul). The IPO involved the offer and sale of 24 million ordinary shares, representing 20% of the company’s total shares, at an offer price of SAR151 per share. Of the total shares sold in the IPO, 90% were allocated to institutional investors and the remaining 10% to retail investors. The IPO order book was significantly oversubscribed.

Solutions by stc is the first IT services provider in Saudi Arabia and a leading enabler of digital transformation, now opening up opportunities for investment in the technology sector, a significant and growing market for the region.

The Law Office of Salman M. Al-Sudairi capital markets team was led by principal and Latham partner Salman Al-Sudairi with associates Noor Al-Fawzan, Homam Khoshaim, Najla Al-Gadi, Mashal Al-Assaf, and trainee associates Haila Al-Khalaf and Saud Alarifi. 

The Latham team was led from Dubai by partner Nomaan Raja and counsel Basil Al-Jafari, with partner Brian Meenagh and associates Alexander Hendry and Avinash Balendran on IP, IT and privacy matters.

Al-Sudairi commented: “The IPO is a significant milestone in the development of the Saudi capital markets and the transformation of the IT sector in the Kingdom. It has been a pleasure to work with solutions by stc on this important transaction.”