Robert Vydra, Partner and Head of Equity Capital Markets at STAT, led the firm’s legal team advising United Carton Industries Company on its SAR 600 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 27 May 2025.

The IPO comprised 12 million existing shares at SAR 50 per share, representing 30 per cent. of the company’s share capital.

United Carton Industries Company (UCIC) manufactures corrugated packaging products. Its business sits within the supply chains of customers across different end-markets, connecting manufacturing capability with the packaging requirements of other operating companies.

Saudi IPO experience in packaging and industrial manufacturing

In addition to his work on United Carton Industries’ IPO, Robert Vydra advised Riyad Capital, as underwriter, on Middle East Paper Company’s SAR 851 million IPO before co-founding STAT.

His earlier industrial issuer-side experience also includes TALCO’s SAR 516 million IPO in aluminium manufacturing.
For a packaging manufacturer, investors need to understand how production capacity, raw-material procurement, customer demand and operating facilities interact. IPO preparation should connect those characteristics with material contracts, operating permissions, property arrangements and governance. A diverse customer base does not remove the need to explain significant commercial dependencies.

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 manufacturer for a Saudi Main Market IPO?

For advice on IPO readiness, legal due diligence or manufacturing and supply-chain disclosure, contact Robert Vydra.
rvydra@statlawksa.com | +966 55 001 5326