Saudi law firm helps seal SAR1.2 billion IPO for Alsaif Gallery

Saudi law firm helps seal SAR1.2 billion IPO for Alsaif Gallery

The Law Firm of Salman M. Al-Sudairi and Latham & Watkins advice on IPO and listing of ordinary shares

The Law Firm of Salman M. Al-Sudairi and Latham & Watkins have advised the Saudi Arabian firm Al-Saif Stores for Development & Investment Company Alasif Gallery on its initial public offering (IPO) and listing of ordinary shares on the Saudi Exchange's Main Market.

Al-Saif stores run the retail chain of home appliances and kitchenware stores across the Kingdom of Saudi Arabia (KSA).

The IPO is worth SAR1.2 billion which converts to approximately US $322 million).

The IPO involves the offer and sale of 10.5 million ordinary shares which represents Alsaif Gallery's 35 million issued share capital. Under the offer, Alsaif Gallery intends to sell its existing shares of which 90 per cent were allocated to institutional investors while the remaining 10 per cent was set aside for retail investors.

The final offer price was SAR115 (US $30.64) per share.

The team that advised Alsaif Gallery was led by the Law Firm of Salman M. Al-Sudairi principal and Latham & Watkins partner Salman Al-Sundari, a US and Saudi Arabian-qualified lawyer who specialises in sophisticated capital market transactions and financing.

He was assisted by associates Najla Al-Gadi, Aya AlHumaid, Hatem Abdulghaffer, and Sumaya Bamakharma.

Alsaif Gallery has a presence in 29 cities through its 58 stores with a portfolio of over 60 products that it retails through its branded stores across KSA.