Legal Advisors Abdulaziz Alajlan & Partners, in association with Baker & McKenzie Limited (Legal Advisors), advised Al Masane Al Kobra Mining Company (AMAK), a leading mining company focused on base metal and precious metal mining in the Kingdom of Saudi Arabia (KSA), on its Initial Public Offering (IPO) on the main market of the Saudi Exchange (Tadawul). The deal is valued at SAR 1,247,400,000 (USD 333 million). The final offer price for the IPO was set at SAR 63 (equal to USD 16.8) per share.
The team advised AMAK on all legal aspects of the transaction, which involved listing shares on Tadawul, and offering 19,800,000 shares, representing 30% of the company's capital, at an offer price of SAR 63 per share. AMAK received CMA approval on 22 December 2021 and the listing took place on 29 March 2022. The recently finalized institutional book-building process generated an order book of SAR 91.8 billion (USD 24.5 billion), resulting in over oversubscriptions of 73.6 times the offered shares.
"We are delighted to have assisted AMAK on this significant transaction in the mining sector in KSA. The transaction underscores the Kingdom's focus on developing the minerals sector as part of the Kingdom's Vision 2030 plans and was executed following the publication of the Kingdom's new mining law", commented Abdulrahman Alajlan, partner Abdulaziz Alajlan & Partners, in association with Baker & McKenzie Limited in Riyadh. "This is the first IPO of a mining company since the historic privatisation of Ma'aden (Saudi Arabian Mining Company) which we acted on in 2008, and we are very proud to be building on our successful track record of taking mining companies to the KSA market,” commented Robert Eastwood who led on the transaction.
The team that worked on this transaction comprised Karim Nassar, Robert Eastwood, Ayatt Ashour and Tina Kassouf.
Al Rajhi Capital acted as Financial Advisor, Bookrunner, Lead Manager and Underwriter on the transaction.
The team advised AMAK on all legal aspects of the transaction, which involved listing shares on Tadawul, and offering 19,800,000 shares, representing 30% of the company's capital, at an offer price of SAR 63 per share. AMAK received CMA approval on 22 December 2021 and the listing took place on 29 March 2022. The recently finalized institutional book-building process generated an order book of SAR 91.8 billion (USD 24.5 billion), resulting in over oversubscriptions of 73.6 times the offered shares.
"We are delighted to have assisted AMAK on this significant transaction in the mining sector in KSA. The transaction underscores the Kingdom's focus on developing the minerals sector as part of the Kingdom's Vision 2030 plans and was executed following the publication of the Kingdom's new mining law", commented Abdulrahman Alajlan, partner Abdulaziz Alajlan & Partners, in association with Baker & McKenzie Limited in Riyadh. "This is the first IPO of a mining company since the historic privatisation of Ma'aden (Saudi Arabian Mining Company) which we acted on in 2008, and we are very proud to be building on our successful track record of taking mining companies to the KSA market,” commented Robert Eastwood who led on the transaction.
The team that worked on this transaction comprised Karim Nassar, Robert Eastwood, Ayatt Ashour and Tina Kassouf.
Al Rajhi Capital acted as Financial Advisor, Bookrunner, Lead Manager and Underwriter on the transaction.
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