ADES International Holding, the oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, has delayed its planned initial public offering to the second half of the year, according to people familiar with the matter.
The company planned to start gauging demand for the offering in March, but decided to hold off until later, the people said, asking not to be identified as the information isn’t public. There isn’t now enough time to complete the deal before a long public holiday at the end of June, they said.
ADES wants to ensure the timing is right for an IPO of its size, given Middle East markets have lost some of their exuberance from last year, the people said. The deal could raise about $1 billion, Bloomberg News has reported, making it one of the bigger listings planned in the kingdom this year.
Deliberations are still ongoing and details such as timing and size could change, the people added. A representative for ADES wasn’t able to comment.
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