Robert Vydra, Partner and Head of Equity Capital Markets at STAT, led the firm’s legal team advising Saudi Manpower Solutions Company (SMASCO) on its SAR 900 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 12 June 2024.

The offering comprised 120 million existing shares at SAR 7.50 per share, representing 30 per cent. of the company’s share capital.

Saudi Manpower Solutions Company, known as SMASCO, provides workforce services to corporate and individual customers. Its business combines different customer needs and service arrangements within a people-intensive operating model.

Saudi IPO experience in manpower and workforce services

In addition to his work on SMASCO’s IPO, Robert Vydra previously led STAT’s issuer-side team on Almawarid Manpower Company’s SAR 288 million Main Market IPO, involving a business serving corporate and individual customers through different service arrangements.

For an issuer serving both businesses and households, investors need to understand the contribution and characteristics of each customer segment. IPO preparation should connect that operating picture with material contractual obligations, regulatory considerations and governance, rather than relying only on the wider growth of the manpower market.

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 Main Market IPO for a services business?

To discuss IPO readiness, customer-segment disclosure or the legal structure of a Saudi workforce-services offering, contact Robert Vydra.
rvydra@statlawksa.com | +966 55 001 5326