Legal advisors and Baker McKenzie advise the joint underwriters on Marafiq’s IPO

Legal advisors and Baker McKenzie advise the joint underwriters on Marafiq’s IPO

Riyadh / London: Legal advisors, Abdulaziz Alajlan & Partners alongside Baker McKenzie, London, have advised the joint underwriters on The Power and Water Utility Company for Jubail and Yanbu's (Marafiq) US$ 897 million (SAR 3.36 billion) initial public offering (IPO) and listing on the Saudi Stock Exchange (Tadawul), with a market capitalization on listing of US$ 3.1 billion (SAR 11.5 billion). The syndicate included HSBC Saudi Arabia and Riyad Capital as joint financial advisors, bookrunners and underwriters, with HSBC Saudi Arabia as the lead manager. The offering comprised the sale of 29.24% of Marafiq’s shares (73.1 million shares), with trading in its shares commencing on 24 November 2022. Marafiq is a joint stock Saudi Arabian company that provides water and power services in strategic Royal Commission industrial cities of the Kingdom. Headquartered in Jubail, Saudi Arabia, the leading integrated utilities provider operates under highly restricted environmental guidelines and implements sustainable practices with an aim to provide the communities it services in the industrial cities of Jubail and Yanbu and beyond, better living standards. The Marafiq IPO was marketed to institutional and individual investors in various jurisdictions with an intention to use the net proceeds from the offering to further support