Saudi Arabia's PIF Set to Start Investor Meetings for $1 Billion ADES IPO - Bloomberg
Saudi Arabia’s wealth fund plans to kick off investor meetings for the initial public offering of oil and gas driller ADES International Holding as soon as this month, people familiar with the matter said.
The Public Investment Fund is targeting a first-half listing for ADES and is likely to soon file with the Saudi regulator, the people said, asking not to be identified as the matter is private. The PIF has picked Lazard Ltd. as a financial adviser to work on the IPO, they said.
A listing could value the business — whose clients include Saudi Arabian Oil Co. and Kuwait Oil Co. — at about $5 billion and raise about $1 billion, Bloomberg reported in November.
Deliberations are in the early stages and no final decisions have been made. The PIF declined to comment, while representatives for Lazard and ADES didn’t immediately respond to requests for comment.
PIF teamed up with the major owners of ADES to take the business private in 2021, in a deal valuing the company at about $516 million. ADES, which provides oil-and-gas drilling and production services in the Middle East and North Africa, has since grown through acquisitions.
The company bought seven jack-up rigs last year from Seadrill Ltd. for about $628 million in cash. In all, ADES has 84 onshore and offshore rigs across markets including Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, and Tunisia, it said at the time.
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