Shearman & Sterling in Association With Dr. Sultan Almasoud & Partners Advises on Successful IPO on the Newly Launched Parallel Market of the Saudi Stock Exchange
Shearman & Sterling in association with Dr. Sultan Almasoud & Partners successfully represented Raydan Cuisines & Restaurants Company, a Jeddah-based Arabic cuisine restaurant chain, on its initial public offering on the newly launched Parallel Market (Nomu) of the Saudi Stock Exchange (Tadawul). The Parallel Market is designed for small and medium-sized companies and family businesses. The company floated 30% of its capital in an offering that was nearly five times oversubscribed and raised SAR 216 million for the selling shareholders.
This offering is one of the first wave of highly anticipated IPOs in the Kingdom in 2017 and cements the firm’s leadership position on Saudi equity capital markets transactions. In October 2016, the firm successfully represented Takween Advanced Industries Company, a leading producer of plastic packaging solutions and non-woven fabrics materials, on its SAR 600 million rights issue on the Main Market of the Saudi Stock Exchange. This landmark offering was the second-largest rights issue under the tradable rights framework first introduced in the Kingdom in 2012.
The team was led by partners Sanjarbek Abdukhalilov
and Dr. Sultan Almasoud
(both Saudi Arabia-Corporate); counsel Igor Ryabchuk (Saudi Arabia-Corporate); senior associate Wassim (El) Khoueiry (Saudi Arabia-Corporate); and associates Basil Alfouzan and Rakan Alyusuf (both Saudi Arabia-Corporate).