Clyde & Co in association with Abdulaziz Al-Bosaily Law Office has advised Saudi Arabia’s Northern Region Cement Company (NRC) on its IPO of 90 million shares at 10 Saudi riyals ($2.67) a share.

The IPO represents 50 percent of the company's share capital at an aggregate offer price of 900 million Saudi riyals ($240 million).

The Clyde & Co team was led by partners Abdulaziz Al-Bosaily and Philip O'Riordan.

“We are really pleased to have advised NRC on this significant transaction,” said Al-Bosaily in a statement. “There appears to be an increased appetite for IPO's in the kingdom, and we are delighted to have worked with NRC on the first one of 2013.”

NRC’s main business is the production of ordinary portland cement and sulphate- resistant cement, together with the trading of cement both inside and outside Saudi Arabia. The proceeds from the offering will, amongst other things, finance the expansion of the company’s existing cement plant.

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