Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited advises ProMedEx on its IPO
Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited has acted as legal counsel to Professional Medical Expertise Company (ProMedEx), a Saudi medical devices distributor, for its SAR71.4 million (USD 19.04 million) initial public offering on the Parallel Market of the Saudi Exchange (Nomu). ProMedEx was officially and successfully listed on the Nomu – Parallel Market on July 26, 2023 and now it trades under the ticker symbol “9574.”
Founded in 2009, ProMedEx is further expanding its business in the GCC with a new office in the United Arab Emirates and short-term plans of operating in Bahrain and Kuwait. The medical distributor serves as a representative for a carefully chosen group of leading manufacturers known for their cutting-edge and high-quality medical technologies.
Commenting on this transaction, Nadine Nassar who led the Legal Advisors team said: “We are thrilled to be advising and guiding ProMedEx on their IPO journey. With the extensive experience our team has in guiding companies through the intricacies of IPO processes, we have provided ProMedEx comprehensive legal support and strategic counsel throughout its journey to becoming a publicly traded entity.”
“Our client’s commitment to excellence in the medical devices distribution sector is truly remarkable, and we are determined to support their objectives with our legal acumen and dedication,” he added.
Abdulrahman Alajlan continued, “The Nomu – Parallel Market of the Saudi Exchange provides an ideal platform for growth-oriented companies, such as our client ProMedEx, to access the capital markets and raise funds for expansion and strategic initiatives. We have been privileged to work with our client on this significant deal.”
The IPO is expected to further support ProMedEx in its region-wide portfolio plans and Gulf market outreach to sell and install medical equipment and supplies to private and public hospitals and medical centers.
The Capital Markets team at Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited comprised Karim Nassar, Nadine Nassar, and Rami Younes.
