Robert Vydra, Partner and Head of Equity Capital Markets at STAT, led the firm’s legal team advising Morabaha Marina Financing Company on its approximately SAR 312.9 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 21 June 2023.
The offering comprised 21,428,572 newly issued shares at SAR 14.60 per share, with a gross offering value of approximately SAR 312.9 million. The shares represented 30 per cent. of the company’s enlarged capital. Unlike an offering consisting only of existing shares, this transaction raised new equity for the issuer.

Morabaha Marina provides Shariah-compliant financing to businesses and individuals. Its IPO brought a non-bank financial-services business to the Main Market and broadened its equity capital base.

Saudi IPO experience in non-bank financial services
In addition to his work on Morabaha Marina Financing Company’s IPO, Robert Vydra advised Alinma Bank on its SAR 10.5 billion IPO and Bupa Arabia for Cooperative Insurance on its IPO before co-founding STAT. His banking-sector experience also includes advising NCB Capital Company, Samba Capital, Morgan Stanley, Alistithmar Capital and HSBC on Riyadh Bank’s approximately SAR 13.1 billion rights issue.

Insurance and regulatory-capital experience
His insurance-sector experience includes advising Saudi Fransi Capital on AXA Cooperative Insurance Company’s SAR 200 million rights issue. He also advised Saudi Hollandi Capital, as financial adviser, lead manager and underwriter, on Saudi Arabian Cooperative Insurance Company’s SAR 150 million rights issue and Al-Ahlia for Cooperative Insurance Company’s approximately SAR 220 million rights issue. On Wataniya Insurance Company’s SAR 100 million rights issue, he advised ANB Invest, as financial adviser, lead manager and co-underwriter, and Saudi Hollandi Capital, as co-underwriter.

His broader financial-services capital-markets experience includes advising Saudi Hollandi Capital on Saudi Hollandi Bank’s SAR 775 million Mudaraba callable certificates, the first Sukuk in the Middle East to qualify as bank capital for regulatory purposes. Together, these mandates span banking, insurance, non-bank financing and regulatory-capital transactions, while involving distinct business and regulatory models.

For a financing company, the investment case needs to connect origination, credit quality, funding and collections with portfolio characteristics and risk management. A new-share offering also calls for consistent disclosure of the capital increase, dilution and intended use of proceeds across the prospectus, corporate approvals and transaction documentation.

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 financial-services business?

To discuss a primary capital raising, IPO readiness or disclosure for a financing company, contact Robert Vydra.

rvydra@statlawksa.com | +966 55 001 5326