Saudi Aramco’s $25.6 Billion Initial Public Offering

Latham & Watkins and the Law Office of Salman M. Al-Sudairi advised the underwriters on the initial public offering (IPO) of Saudi Arabian Oil Company (Saudi Aramco), the largest IPO in history.

The Kingdom of Saudi Arabia sold 3 billion shares of Saudi Aramco in the IPO, representing 1.5% of Saudi Aramco’s share capital. In conjunction with the IPO, Saudi Aramco’s shares were listed on the Saudi Stock Exchange (Tadawul).

The final offer price per share was SAR 32 ($8.53), which was at the top end of the offer price range of SAR 30 – 32. The offering amount was SAR 96.0 billion ($25.6 billion), subject to an over-allotment option, which, if exercised in full, would increase the total offering size to up to SAR 110.4 billion ($29.4 billion). The total institutional and retail demand for the IPO was SAR 446 billion ($119 billion), or 465% of the total offer size (assuming no exercise of the over-allotment option).

Citigroup Saudi Arabia, Credit Suisse Saudi Arabia, Goldman Sachs Saudi Arabia, HSBC Saudi Arabia, J.P. Morgan Saudi Arabia Company, Merrill Lynch Kingdom of Saudi Arabia, Morgan Stanley Saudi Arabia, NCB Capital Company, and Samba Capital & Investment Management Company acted as Joint Financial Advisors.

Citigroup Global Markets Limited, Credit Suisse Securities (Europe) Limited, Goldman Sachs International, HSBC Saudi Arabia, J.P. Morgan Securities plc, Merrill Lynch Kingdom of Saudi Arabia, Morgan Stanley & Co. International plc, NCB Capital Company, Samba Capital & Investment Management Company, Al Rajhi Capital, Banco Santander, S.A., BNP PARIBAS, BOCI Asia Limited, Crdit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch, EFG Hermes KSA, First Abu Dhabi Bank PJSC, GIB Capital, Mizuho International plc, RBC Europe Limited, Riyad Capital, SMBC Nikko Capital Markets Limited, Saudi Fransi Capital, Socit Gnrale and UBS AG, London Branch acted as Joint Bookrunners.

The Law Office of Salman M. Al-Sudairi advised the underwriters on Saudi law matters with a team in Riyadh led by Principal Salman M. Al-Sudairi (Picture) with assistance from associates Abdullah Alsaeed, Homam Khoshaim, Najla Al-Gadi and Afrah Al-Shuaiby.

Latham advised the underwriters on non-Saudi law matters with a capital markets team led by New York partners Marc Jaffe and Ian Schuman, Washington, D.C. partner Alex Cohen, London partner Craig Nethercott, Dubai partner Nomaan Raja, and Dubai counsel Basil Al-Jafari, with London associates Anna Ngo, Johan Dagergard, Jennifer Gascoyne, Sean Meehan and Neha Siddiqui. Advice was also provided on corporate matters by London partners James Inness and Jeremy Green and Houston partner Ryan Maierson, with London associates Catherine Hui, Nick Fisher, and Adam Czernikiewicz and Chicago associates Samantha Jackson and Austin Arnett; on finance matters by London partner Chirag Sanghrajka; on regulatory matters by London partner Rob Moulton, Washington, D.C. partner Paul Dudek, New York Partner Dana Fleischman, with London associate Anne Mainwaring; on antitrust matters by Brussels partner Sven Völcker with Frankfurt associate Anne Haas; and on tax matters by London partner Karl Mah and New York partner Bora Bozkurt, with London associate James Leslie and New York associate Aaron Bernstein.

Involved fees earner: Najla Al-Gadi – Latham & Watkins; Basil Al-Jafari – Latham & Watkins; Afrah Al-Shuaiby – Latham & Watkins; Salman Al-Sudairi – Latham & Watkins; Abdullah Alsaeed – Latham & Watkins; Austin Arnett – Latham & Watkins; Aaron Bernstein – Latham & Watkins; Bora Bozkurt – Latham & Watkins; Alexander Cohen – Latham & Watkins; Adam Czernikiewicz – Latham & Watkins; Johan Dagergard – Latham & Watkins; Paul Dudek – Latham & Watkins; Nick Fisher – Latham & Watkins; Dana Fleischman – Latham & Watkins; Jennifer Gascoyne – Latham & Watkins; Jeremy Green – Latham & Watkins; Anne Haas – Latham & Watkins; Catherine Hui – Latham & Watkins; James Inness – Latham & Watkins; Samantha Jackson – Latham & Watkins; Marc Jaffe – Latham & Watkins; Homam Khoshaim – Latham & Watkins; James Leslie – Latham & Watkins; Karl Mah – Latham & Watkins; Ryan Maierson – Latham & Watkins; Anne Mainwaring – Latham & Watkins; Sean Meehan – Latham & Watkins; Rob Moulton – Latham & Watkins; Neha Siddiqui – Latham & Watkins; Craig Nethercott – Latham & Watkins; Anna Ngo – Latham & Watkins; Nomaan Raja – Latham & Watkins; Chirag Sanghrajka – Latham & Watkins; Ian Schuman – Latham & Watkins; Sven Völcker – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Al Rajhi Capital; Banco Santander Sa; BNP Paribas; BOCI Asia Limited; Citigroup Global Markets Ltd; Crédit Agricole Corporate and Investment Bank; Credit Suisse Securities Limited (Europe) Limited; Deutsche Bank AG London Branch; EFG Hermes; First Abu Dhabi Bank PJSC; GIB Capital; Goldman Sachs International; HSBC Saudi Arabia; J.P. Morgan Securities LLC; Merrill Lynch Kingdom of Saudi Arabia; Mizuho; Morgan Stanley; NCB Capital; RBC Europe Limited; Riyad Capital; Samba Capital; Saudi Fransi Capital Company; Smbc Nikko Capital Markets Limited; Société Générale; UBS AG London Branch;


Author: Michael Patrini.