Riyadh, Saudi Arabia— Arabian Drilling Company (ADC) has set a price range for an IPO at $24-$27 per share, starting off the book-building period on Wednesday.
According to a bourse filing, the process for institutional investors, which will end on Oct. 5, will be led by HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital.
ADC is offering 30 percent of its capital, representing 26.7 million, in an attempt to join Nomu’s parallel market.
The retail subscription to 2.76 million shares, or 10 percent of the shares offered, will run from Oct. 18 to Oct. 19.