Legal Advisors, Abdulaziz Alajlan & Partners alongside Baker McKenzie, London have advised Saudi shopping mall giant Arabian Centres Company on its $748 million IPO, with an implied market capitalization of $3.3 billion, making it the Kingdom of Saudi Arabia’s largest IPO in four years. The deal, which was announced in April, closed on 20 May 2019.

Arabian Centres Company is the largest shopping mall owner in Saudi Arabia with a portfolio which includes 19 shopping malls, which attract approximately 109 million visits per year.

This is a significant transaction as it is the first IPO in Saudi Arabia with a full international offering, including an offering into the United States pursuant to Rule 144A. Furthermore, it is believed to be the first Saudi IPO with pre-deal investor education, marketed in a manner consistent with international practice. It is also the first IPO in Saudi to take advantage of the newly introduced price stabilization regime, also in keeping with international practice.

Commenting on the transaction, Robert Eastwood said: “The transaction is emblematic of the growth of Saudi’s capital markets and proof that the positive regulatory changes in recent years are attracting foreign investors to the market“.

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Robert Eastwood is a Corporate partner of Legal Advisors, Abdulaziz I. Al-Ajlan & Partners In Association with Baker McKenzie Limited, based in Riyadh. He specialises in initial public offerings and private placements and regularly advises international and local banks and financial institutions on cross border securities business, brokerage, custody, licensing and establishing business presences.


Karim Nassar is the Head of the Equity Capital Markets practice of Legal Advisors, in association with Baker & McKenzie Limited, based in Riyadh. A resident in Saudi Arabia since 1998, Karim has been advising Saudi and foreign clients on a wide range of corporate transactions, including privatizations, corporate, securities, corporate finance, mergers and acquisitions, as well as financial services regulations. He also helped to develop and finalize the regulatory framework for the Capital Market Authority in Saudi Arabia.

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