Latham & Watkins, alongside its partnership firm, The Law Firm of Salman M. Al-Sudairi, and White & Case are advising as Alamar Foods, a major operator of regional fast food chains including Domino’s Pizza, makes its debut of $326 million on the main Saudi stock market.
The IPO relates to the offer and sale of 41.7% of the capital of Alamar Foods through the sale of existing shares of funds managed by the American group Carlyle, “which comes out of its investment in Alamar Foods via IPO,” Latham said in a statement.
Founded over 30 years ago as a family business based in Saudi Arabia, Alamar Foods is one of the leading fast food operators in Saudi Arabia and the wider region of the Middle East, North Africa and Pakistan (MENAP), operating more than 520 Domino’s outlets in 11 countries and more than 40 Dunkin’ Donuts stores in Egypt and Morocco.
Latham, who has also advised Alamar on non-Saudi issues, sent a team consisting of Salman Al-Sudairi, as well as lawyers Noor Al-Fawzan, Najla Al-Gadi, Aya AlHumaid and Wassim El Mardini, and latham Dubai partners Stephanie Dang and Connie Leung, the firm said.
Latham has been strong in the Saudi deal market, recently taking on roles alongside Al-Sudairi in the sale of a 10% stake in UAE-based petrochemical company Borouge, worth $481 million, in May, and the $820 million SEO of the Saudi information security company, Elm Co, in February. Previous IPOs also included one of the largest ever, the 2019 listing of Saudi Aramco shares, worth $25.6 billion.
On the current deal, White & Case is advising lead bookrunner HSBC and offer-related issues outside of Saudi Arabia, alongside Megren M. Al-Shaalan’s law firm, according to the prospectus. IPO.
Latham & Watkins said in 2022 alone, its office advised five IPOs totaling $2.2 billion, as well as a two-tranche bond offering for 49% shareholder Eig Pearl Holdings. ‘Aramco Oil Pipelines Co for $2.5 billion.
White & Case and Megren M. Al-Shaalan did not respond to a request for comment.