Legal Advisors, Abdulaziz Alajlan & Partners alongside Baker McKenzie, London, have advised Saudi Arabian supermarket giant BinDawood Holding Company (BinDawood Holding) on its US$ 585 million IPO, with an implied market capitalization on listing of approximately US$ 2.9 billion.

The deal was formally announced on August 31st this year and, following an institutional book building process and retail offering, BinDawood Holding was admitted to listing and trading today. The group operates two key retail grocery brands – BinDawood and Danube – consisting of 73 hypermarkets and supermarkets, throughout Saudi Arabia. The group currently employees over 10,000 people.

The IPO, which priced at the top end of the price range on October 7th, represents a significant retail success story despite the business operating subject to strict restrictions during the COVID-19 pandemic. It comes off the back of strong financial results for BinDawood Holding during 2020, attracting investors both domestically and internationally. The success of the transaction is emblematic of the continuing strong demand in the Kingdom for IPOs, positioning Saudi Arabia at the forefront of capital markets developments in the Middle East.

The team was led by Karim Nassar and Robert Eastwood of Legal Advisors in Riyadh and Adam Farlow and George Marshall at Baker McKenzie in London.

Commenting on the transaction, Karim Nassar said:

The deal represents a consolidation of our relationship with the client, BinDawood Holding Company, having acted for them previously on a number of other corporate transactions. It also showcases the consolidation of our collaboration and working relationships across EMEA+ and among our Gulf and European offices in Riyadh, Jeddah, Bahrain and London.”

George Marshall added:

We are delighted to have acted for BinDawood Holding on this milestone transaction, which has proven the resilience of their business against a challenging economic backdrop during COVID-19. The IPO also represents continued interest among international investors in the Kingdom, alongside strong demand domestically.”

Other parties involved in the transaction included Investcorp, as one of the selling shareholders, and independent financial adviser Moelis & Co. (acting for BinDawood Holding). White & Case acted for the underwriting banks, being Goldman Sachs, J.P. Morgan, GIB Capital and NCB Capital.

This is the latest example of a high profile transaction that Legal Advisors and Baker McKenzie have advised on in Saudi Arabia. In 2019, the Firm advised on the ground breaking Arabian Centres IPO, which set the blueprint for international IPOs by Saudi issuers seeking to attract international investors. The deal went on to win a number of awards and commendations for the Firm in the Middle East and the UK, including “Equity Team of the Year” and “Equity Deal of the Year” at the IFLR Middle East Awards, 2019.


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.


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.


Adam Farlow is a New York and English qualified partner based in Baker McKenzie's London office. Adam has extensive experience in US securities laws and transaction management, including offerings of international debt (primarily high yield), equity and other forms of financing involving companies, investors, major financial institutions and trustees, as well as all forms of restructuring and liability management for debtors, creditors, trustees and dealer managers.


George Marshall is a senior associate in Baker McKenzie's Corporate Finance practice group based in London. He focuses on equity securities offerings of all types, as well as public and private mergers and acquisitions, corporate advisory and general corporate work across a number of industry sectors in both mature and emerging markets. George also has broad capital markets experience across a range of listing venues, including London, Riyadh and Hong Kong.

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