Robert Vydra, Partner and Head of Equity Capital Markets at STAT, led the firm’s legal team advising Cherry Trading Company on its SAR 252 million initial public offering on the Main Market of Saudi Exchange. STAT acted as legal adviser to the issuer.

The company’s shares commenced trading on 1 December 2025.
The IPO comprised 9 million existing shares at SAR 28 per share, representing 30 per cent. of the company’s share capital. The offering was a sale of existing shares, rather than an issue of new equity by the company.

Cherry Trading Company provides long-term vehicle leasing and short-term rental services and sells used vehicles from its own fleet.

These activities link the company’s service revenue to the acquisition, deployment and disposal of vehicles.

Saudi IPO experience in vehicle rental and leasing

In addition to his work on Cherry Trading’s IPO, Robert Vydra previously led STAT’s issuer-side teams on Theeb Rent a Car Company’s SAR 516 million IPO and Lumi Rental Company’s SAR 1.089 billion IPO, both on the Main Market. Lumi’s offering involved a demerger from listed parent Seera Group.

His broader automotive-sector experience also includes advising Saudi Automotive Services Company (SASCO) on its acquisition of Zaiti Petroleum Services Company, a petrol-station business.

For a fleet-based issuer, leasing, rental and used-vehicle sales need to be explained as connected parts of the operating model. Investors should be able to distinguish changes in fleet size, utilisation, customer mix and financing arrangements from underlying operating growth. That requires a coherent business description supported by relevant contractual and risk disclosure.

About the lead partner

Robert Vydra is Partner and Head of Equity Capital Markets at STAT in Riyadh.

He has advised on Saudi capital markets since 2007, with a practice covering issuer-side IPOs, prospectus disclosure, transaction structuring and continuing obligations.

Considering a Saudi IPO for a mobility business?

For advice on IPO readiness, transaction documentation or disclosure for a vehicle leasing, rental or other fleet-based business, contact Robert Vydra.
rvydra@statlawksa.com | +966 55 001 5326