PIF-Backed Driller’s IPO to Price at Top, Raising $1.2 Billion

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1970-01-01 08:00

ADES Holding Co.’s initial public offering is expected to raise as much as $1.2 billion in what’s set

ADES Holding Co.’s initial public offering is expected to raise as much as $1.2 billion in what’s set to be Saudi Arabia’s biggest listing of the year.

The share sale is set to price at 13.50 riyals ($3.60) apiece according to terms of the deal seen by Bloomberg. The range had been set at 12.5 riyals to 13.5 riyals a share, and the offering was oversubscribed within hours.

The oil and gas driller is selling 237.1 million new shares in the offering, while its shareholders - Public Investment Fund, ADES Investments Holding Ltd. and Zamil Group Investment Ltd. - are selling about 101.6 million shares. The total stake being offered is 30% of the company.