Clifford Chance acted on SAL Logistics Services’ IPO and Saudi listing
The stock is set to mark the second largest in the MENA region this year
Clifford Chance has acted as issuer’s counsel to SAL Logistics Services Co on its SAR 2.544 billion (approx. US$678.4 million) landmark IPO with an implied market capitalization at the listing of SAR 8.84 billion (approx. US$ 2.261 billion).
The IPO was completed recently with the listing of the shares of SAL on the Saudi Exchange (Tadawul).
The IPO raised more than 90 percent of the total IPO offer volume from institutional investors and the remaining offer volume from Saudi retail investors. The order book was 72x times oversubscribed, with a total demand of SAR 182.4 billion (approx. US$ 48.6 billion).
SAL is a major cargo handling and logistics player in Saudi Arabia that is catalyzing the Kingdom’s transformation into a more diversified economy connected to global markets through corporate networks and increasing flows of goods. Operating across four different verticals - cargo handling, logistics solutions, passenger handling, and fulfillment, it offers a broad spectrum of value-added services, covering 18 airports across the Kingdom.
A cross-border team of lawyers from Clifford Chance and AS&H Clifford Chance advised on the transaction.
The Clifford Chance Frankfurt team was led by partner George Hacket. He was supported by counsel Axel Wittmann, senior associate Andrei Manea, and associate Maks Mencin.
The AS&H Clifford Chance team was led by partners Majid Al-Sheikh and Omar Rashid. They were supported by senior associate Rakan Kawar and associate Motaz Alfozan.
Others in the Riyadh-based team included associates Jomana Alkathiri, Alia Alkadi, Abdulrahman Alkhudairy, Dhary AlShathry, Ibrahim Al-Mansour, and Yara Abushanan.