Kirkland & Ellis and Khoshaim & Associates (K&A) have advised parties in relation to Sport Clubs Company’s initial public offering (IPO) on the main market of the Saudi Exchange.
Kirkland advised Sport Clubs, while K&A represented BSF Capital as the sole financial advisor, underwriter, bookrunner, and lead manager.
The offering comprised 34.32 million shares, representing 30% of the company’s share capital.
Established in 1994, Sport Clubs owns and operates one of the largest fitness centre networks in Saudi Arabia with more than 56 centres across 18 cities in the Kingdom.
Sport Clubs began trading on July 22. The offering attracted strong demand, with the institutional tranche covered 44.1 times and the retail tranche oversubscribed 5.3 times.
On the first day of trading, the shares closed at SAR 9.30, representing a 24% increase over the listing price of SAR 7.5.
The Kirkland team was led by capital markets partner Manal Al-Musharaf and included associates Nawaaf Alawwad, Emad Almazyad, and Cyril Chamoun.
The K&A team was led by managing partner Zeyad Khoshaim and senior associate Ghaida Meaigel, with support from associate Saud Aldriss.
