Global law firm White & Case LLP and The Law Office of Megren M. Al-Shaalan have advised Perfect Presentation for Commercial Services Company (2P) on its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).
2P offered 4.5 million ordinary shares to both institutional and retail investors, amounting to 30 percent of its share capital. With total IPO proceeds raising SAR 832.5 million (US$222 million), 2P's implied market capitalization was approximately SAR 2.775 billion (US$740 million) at the commencement of trading.
The final offer price was set at SAR 185 per share. The institutional offer comprised 90 percent of the Offer Shares and was oversubscribed by 6,140 percent, whereas the retail offer comprised ten percent of the Offer Shares and was oversubscribed by 375 percent.
2P is a provider of artificial intelligence and technology solutions in the Kingdom of Saudi Arabia. It also provides SMS services, management and control of communication and information networks, design and programming of custom software, big data technologies and data science and analysis.
The White & Case and The Law Office of Megren M. Al-Shaalan team which advised on the transaction was led by partner Sami Al-Louzi (Dubai) and included local partner Ibrahim Soumrany (Dubai) and associates Jad Slim, Nezar Al-Abbas, Nawaaf Alawaad, Simon O'Connell-Schizas, Ghazi Kayal, Elaf Al-Wohaibi, Hend Bahabri (all Riyadh) and Mariam Mohsen (Cairo).
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