Baker McKenzieadvises Al-Majed For Oud Company on its Tadawul IPO 

Baker McKenzie has acted as legal counsel to Al-Majed For Oud Company (“Al Majed Oud.co” or the “Company”) in connection with the offering of a 30 per cent stake, equivalent to 7.5 million shares, and listing of all its shares on the Saudi Exchange (Tadawul). Trading in the Company’s shares will commence on September 15, 2024 and will last for one day only.

Established in 1956, Al Majed Oud.co is one of the leading manufacturers and developers of perfume and oud products in the Kingdom of Saudi Arabia, with a growing presence across the GCC. The Company boasts over 60 years of experience in the perfumery industry, offering products that embody tradition while appealing to the evolving tastes of its customers.

Commenting on the transaction, Karim Nassar, managing partner of Baker McKenzie Saudi Arabia, said, “We are proud to have supported Al Majed Oud.co in this landmark IPO. This transaction highlights the strong demand for Saudi companies in the capital markets, and we are delighted to have played a part in bringing such a distinguished local company to the public stage.”

The offering generated significant interest among institutional investors both in Saudi Arabia and internationally, leading to oversubscription by 156.5 times at a price of SAR 94 per share.

Hessa AlAiban, recently promoted partner at Baker McKenzie Saudi Arabia, further commented,“This IPO marks a significant milestone for our client and reflects the growing investor appetite for Saudi businesses with a rich heritage and strong growth potential. We are honored to have been a part of this successful transaction and to have supported the Company in achieving its capital market ambitions.”

The Baker McKenzie team comprised partners Karim Nassar and Hessa AlAiban, counsel Samar Baharon and trainee associate Fatima Ashiri.