Riyadh, Saudi Arabia — ADES International Holding, an oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, PIF, has announced its intention to go public and list its shares on Saudi stock exchange (Tadawul), with the planned Initial Public Offering expected to reportedly fetch more than $1 billion.
The offer will comprise 338.7 million ordinary shares– 101.62 million shares by ADES Investment Holding, the Public Investment Fund (PIF) and Zamil Investment Company, and 237.10 million new shares through capital hike.
The shares on offer represent nine percent and the new shares represent 21 percent of the issued capital upon the offering completion – a total of 30 percent of the issued capital.
ADES Holding will also issue 33.78 million new shares to be allocated to the employees of the company and its subsidiaries, to keep as treasury shares until their ownership is transferred to employees, in accordance with the the long-term incentive plan.
The price range will be announced September 18 and the final offer price will be announced after a book-building process.
Operating as a holding company, ADES International Holding provides oil and gas drilling, workover and offshore production services through its subsidiaries to clients worldwide. It listed on the London Stock Exchange in 2017. In 2021, PIF partnered with the firm’s major shareholders ADES Investments Holding and Zamil Group Investment Co to take it private. The deal valued ADES at $516 million at the time.
“Our IPO will support us in continuing to deliver growth and cement our position as the leader in the jack-up drilling market in Saudi Arabia and globally,” ADES Chairman Ayman Abbas said in a statement.
