Saudi Arabia PIF, Shareholders to Offer 30% Stake in Oil Driller Ades IPO - Bloomberg
Saudi Arabia’s Ades International Holding is set to list in Riyadh, a deal that’s set to be the kingdom’s largest initial public offering this year.
The Public Investment Fund, ADES Investments Holding Ltd. and Zamil Group Investment Ltd. plan to sell shares in the listing, according to a statement on Monday. The offering could raise about $1 billion, Bloomberg has reported.
The IPO will consist of 338.7 million shares, or a 30% stake in the company, which will include the issuance of 237.1 million new shares through a capital increase. A book-building process will run from Sept. 10 until Sept. 14 and the final offer price will be announced on Sept. 18, it said.
The 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 had initially planned to go public in the first half of the year but decided to hold off for a suitable time, Bloomberg reported in May.
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