Oilfield Service Company ADES to List 30% of Shares in IPO
Saudi Arabia Public Investment Fund (PIF) and ADES Investments Holding Ltd. and Zamil Group Investment Ltd. are planning to list a 30% stake in ADES International Holding, one of the leading providers of drilling and oil and gas production services in the Middle East and Africa.
As they say in the message of the companies, 338.7 million shares, including 237.1 million new securities, will be placed on the stock exchange in Riyadh. The price range of placement will be announced on September 18.
Earlier, the media, citing sources, wrote that the volume of placement could reach more than $1 billion.
The IPO will be led by EFG Hermes, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Saudi National Bank Capital.
In 2021, ADES was acquired for $516 million and subsequently delisted. Since then, ADES’s operations have grown through acquisitions of assets including those in Saudi Arabia, Kuwait, Qatar, Egypt, Algeria and Tunisia.
The total volume of initial public offerings on the stock exchange in Riyadh since the beginning of the year amounted to less than $900 million, falling by 82% in annual terms. Meanwhile, in the neighboring UAE, the figure is almost $4 billion.
