Latham & Watkins advised the underwriters, Samba Capital, Saudi Fransi Capital, AlJazira Capital and Saudi Hollandi Capital, in connection with the IPO of Al Tayyar Travel Group, a Saudi established travel services company. The transaction, which was five times oversubscribed, comprised an offer of 24,000,000,000 ordinary shares representing 30% of Al Tayyar Travel Group’s share capital to both institutional and retail investors in the Kingdom and is the largest IPO in Saudi Arabia so far this year.
“This IPO confirms the resurgence of the equity capital markets in the Kingdom of Saudi Arabia following on from earlier deals this year such as the IPO of Takween Advanced Industries. The Tadawul is clearly now open for new equity issuers together with those deals that were delayed in 2010 and 2011. The high levels of both institutional and retail demand were particularly encouraging,” said Andrew Tarbuck, a partner in Latham & Watkins Dubai office who co-led Latham’s deal team.
The Latham & Watkins team was led by Riyadh partners Salman Al-Sudairi and Mohammed Al-Sheikh and Dubai partner Andrew Tarbuck.
- Latham & Watkins Advises on Al-Ittefaq Steel Products Company’s Restructuring, the First and Largest Corporate Debt Restructuring in Saudi Arabia
- Latham & Watkins Banking and Finance Team Advises on $1,400,000,000 Export Credit Agency Facility for Saudi Electricity Company
- Latham & Watkins Advises on the Construction and Operation of the Second Container Terminal at King Abdulaziz Port in the Kingdom of Saudi Arabia
- Latham & Watkins Advises the Managers in Relation to USD 1,750,000,000 Ijara Sukuk for Saudi Electricity Global SUKUK Company
- Al-Jadaan and Clifford Chance Advise on Landmark Sovereign and Largest Ever Saudi Sukuk