Robert Vydra, Partner and Head of Equity Capital Markets at STAT, led the firm’s legal team advising Almawarid Manpower Company on its SAR 288 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 19 June 2023.

The offering comprised 4.5 million existing shares at SAR 64 per share, representing 30 per cent. of the company’s share capital.

Almawarid provides manpower and recruitment-related services to business and individual customers. Its operating model brings together workforce deployment, customer contracts and the services required to support those relationships.

Saudi IPO experience in services businesses

In addition to his work on Almawarid Manpower’s IPO, Robert Vydra previously led STAT’s issuer-side teams on Theeb Rent a Car Company’s SAR 516 million IPO and Alkhorayef Water & Power Technologies Company’s SAR 540 million IPO, involving vehicle rental and infrastructure services, respectively.

A workforce-services issuer needs to explain how services are contracted, how personnel are deployed and how the company manages the obligations associated with its operating model. The business description, material contracts, regulatory position and employment-related disclosures should present a consistent account of that business.

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.

Preparing a workforce-services company for a Saudi IPO?

For advice on IPO readiness, customer and operating arrangements, or prospectus disclosure for a staffing business, contact Robert Vydra.
rvydra@statlawksa.com | +966 55 001 5326