Arabian Centres Company’s Initial Public Offering

International law firm Clifford Chance and its cooperation firm in Saudi Arabia Abuhimed Alsheikh Alhagbani Law Firm (AS&H) advised the syndicate of international, local and regional bookrunners and financial advisors on the successful completion of the initial public offering of Arabian Centres Company.

This was the largest syndicate of banks ever assembled for an initial public offering in Saudi Arabia and the largest IPO in Saudi Arabia in the last four years. This was also the first IPO out of the Kingdom with a full international offering, including to institutional investors in the United States of America pursuant to Rule 144A. The IPO raised US$659 million (excluding the overallotment option) giving the Company a market capitalisation of approximately SAR12.4 billion (US$3.3 billion) at the time of listing.

The syndicate consisted of Goldman Sachs, Morgan Stanley, NCB Capital and Samba Capital, acting as joint financial advisors and joint bookrunners, and Citi, Credit Suisse, EFG Hermes, ENBD and Natixis, acting as joint bookrunners. Samba Capital also acted as lead manager and the IPO was fully underwritten by Morgan Stanley, NCB Capital and Samba Capital.

Arabian Centres Company (“ACC”) is Saudi Arabia’s leading owner and operator of shopping malls. ACC owns, operates and manages 19 commercial centres and complexes located strategically throughout 10 cities in the Kingdom that attracted approximately 109 million visits in the most recent fiscal year.

The team advising the syndacate was jointly led by US securities partner Alex Bafi (Picture) who was supported in Paris by counsel Olivier Plessis and associates Ryan Bosch and Nicholas Brock, and led in Riyadh by Mansoor Alhagbani (an AS&H partner and Head of Capital Markets and Regulatory) and Omar Rashid (a Clifford Chance partner seconded to AS&H Law Firm) and supported by by senior associate Amro Bakhaidar and associates Mashael Al-Shebaiky, Rakan Kawar and Aljawharah Alassaf.

Involved fees earner: Mashael Al-Shebaiky – Abuhimed AlSheikh AlHagbani (AS&H); Aljawharah Alassaf – Abuhimed AlSheikh AlHagbani (AS&H); Mansoor Alhagbani – Abuhimed AlSheikh AlHagbani (AS&H); Amro Bakhaidar – Abuhimed AlSheikh AlHagbani (AS&H); Rakan Kawar – Abuhimed AlSheikh AlHagbani (AS&H); Alex Bafi – Clifford Chance; Ryan Bosch – Clifford Chance; Nicholas Brock – Clifford Chance; Olivier Plessis – Clifford Chance; Omar Rashid – Clifford Chance;

Law Firms: Abuhimed AlSheikh AlHagbani (AS&H); Clifford Chance;

Clients: Citigroup Inc.; Credit Suisse; EFG Hermes; Emirates National Bank of Dubai (NBD); Goldman Sachs; Morgan Stanley; Natixis; NCB Capital; Samba Capital;