Latham & Watkins also advises on ME’s largest ever IPO

Salman M. Al-Sudairi, associated with Latham & Watkins LLP, also advised NCB on its USD 6 billion IPO. The 500 million shares sold in the IPO were held by the Saudi Public Investment Fund (PIF) and were divided into 300 million shares allocated for subscription by Saudi individuals and 200 million shares allocated for subscription by the Public Pension Agency (PPA). The individual allocation portion of this successful IPO was 23 times oversubscribed as of the close of the subscription period on 2 November 2014, and the PPA fully subscribed to the shares allocated to it. The Latham & Watkins team was led by partners Harj Rai and Andrew Tarbuck with support from partners Salman Al-Sudairi, Craig Nethercott, Sami Al-Louzi and Scott Ballenger. Associates Muhannad AlNajjab, Fadi Otaqui, Marc Makary, Megren Al-Shaalan, Peter Norris, Stephen Chan, Ibrahim Soumrany and George Zheng also provided advice. The team worked closely with GIB Capital and HSBC Saudi Arabia as Financial Advisers and Lead Managers.