STAT Law Firm and Gibson Dunn have advised parties in relation to United Carton Industries Company (UCIC)’s initial public offering (IPO) on the main market of the Saudi Exchange.
STAT represented UCIC, a carton and paper packaging company in Saudi Arabia, according to the company’s prospectus. Gibson Dunn, meanwhile, advised Al Rajhi Capital Company in its capacity as sole financial advisor, lead manager, bookrunner, and underwriter. The Gibson Dunn team was led by partner Ibrahim Soumrany.
UCIC sold 12 million shares, representing 30% of its total issued share capital.
The IPO was 126 times oversubscribed and raised gross proceeds of approximately US$160 million (SAR 600 million).
UCIC leads a corporate group comprising five companies with eight manufacturing plants across Saudi Arabia and the UAE, all active in the various segments of the carton industry.
Saudi Arabia continues to dominate the Gulf Cooperation Council (GCC)’s capital markets, raising $4.1 billion through 42 listings in 2024, the highest number in the region.
