The Law Firm of Salman M. Al-Sudairi and Latham & Watkins have advised Alamar Foods, the master franchisee operator of two Quick Service Restaurants chains, on its SAR1.22 billion (approximately US$326 million) initial public offering (IPO) and listing of ordinary shares on the Saudi Exchange’s Main Market.
The IPO involved the offer and sale of 10.63 million ordinary shares, representing 41.7% of Alamar Foods’ capital of SAR255 million, by way of a sale of existing shares of funds managed by the US-based Carlyle Group, which is exiting from its investment in Alamar Foods via the IPO. Of the total shares sold in the IPO, 90% were allocated to institutional investors and the remaining 10% to retail investors. The final offer price was set at SAR115 (US$30.64) per share.
Alamar Foods was founded more than 30 years ago as a Saudi-based family business and is now one of the leading Quick Service Restaurants operators in Saudi Arabia and the wider Middle East, North Africa, and Pakistan region (MENAP), operating over 520 Domino’s stores in 11 countries across MENAP, and over 40 Dunkin’ Donuts stores in Egypt and Morocco.
The team was led by Law Firm of Salman M. Al-Sudairi principal and Latham partner Salman Al-Sudairi, with associates Noor Al-Fawzan, Najla Al-Gadi, Aya AlHumaid, and Wassim El Mardini, and Latham Dubai associates Stephanie Dang and Connie Leung.