Solutions by stc’s US$966.35 Million Initial Public Offering

The Law Office of Salman M. Al-Sudairi and Latham & Watkins have advised Arabian Internet and Communications Services Company (solutions by stc) on the deal. White & Case LLP and The Law Office of Megren M. Al-Shaalan have advised the Financial Advisors and Co-Underwriters.

Arabian Internet and Communications Services Company (solutions by stc), a wholly-owned subsidiary of stc, finalized 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 (Picture) 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.

The White & Case team that advised on the transaction was led by partner Sami Al-Louzi (Dubai) and associate Ibrahim Soumrany (Dubai). The Law Office of Megren M. Al-Shaalan team in Riyadh was led by partner Megren Al-Shaalan and included associates Simon O’Connell-Schizas, Waad Alkurini, Nezar Al-Abbas and Hend Bahabri.

Involved fees earner: Mashal Al-Assaf – Latham & Watkins; Noor Al-Fawzan – Latham & Watkins; Najla Al-Gadi – Latham & Watkins; Basil Al-Jafari – Latham & Watkins; Salman Al-Sudairi – Latham & Watkins; Avinash Balendran – Latham & Watkins; Alexander Hendry – Latham & Watkins; Homam Khoshaim – Latham & Watkins; Brian Meenagh – Latham & Watkins; Nomaan Raja – Latham & Watkins; Nezar Al-Abbas – White & Case; Sami Al-Louzi – White & Case; Megren Al-Shaalan – White & Case; Waad Alkurini – White & Case; Ibrahim Soumrany – White & Case;

Law Firms: Latham & Watkins; White & Case;

Clients: HSBC Saudi Arabia; Morgan Stanley; solutions by stc;