Latham & Watkins and White & Case have represented parties in relation to Umm Al Qura’s initial public offering (IPO) on the main market of the Saudi Exchange.
Latham & Watkins advised Umm Al Qura, an urban development company, while White & Case represented the financial advisors, bookrunners, underwriters, and lead manager.
Umm Al Qura offered 130.8 million shares, representing 9.09% of its post-increase capital. The final offer price was set at SAR 15 per share.
Umm Al Qura is the master developer of Masar Destination, which is located in Makkah and extends over more than 3.5 kilometers, with a pedestrian walkway leading to the Holy Mosque.
The Latham & Watkins team was led by Riyadh partners Salman Al-Sudairi and Najla Al-Gadi, alongside Riyadh partner Abdullah Alsaeed.
White & Case provided legal counsel to the financial advisors, Albilad Capital, Al Rajhi Capital, and GIB Capital, who were also appointed as bookrunners and underwriters, in addition to Alinma Investment. The lead manager was Albilad Capital. The White & Case deal team was led by partners Sami Al-Louzi and Laura Sizemore.
This IPO comes shortly after Saudi Arabia’s Capital Market Authority permitted foreign investment in listed companies owning real estate in Makkah and Madinah, with the aim of boosting market appeal and liquidity.
