September 30, 2021
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.”