Saudi-backed oil and gas driller ADES expected to price IPO at top of range | Reuters
Oil and gas driller ADES Holding is expected to price its initial public offering (IPO) at the top of a range announced this week, one of the banks on the deal said on Thursday.
The company backed by Saudi Arabia's PIF sovereign wealth fund is expected to price its shares at 13.50 riyals ($3.60), the bank said in a message to investors seen by Reuters.
ADES is set to raise as much as 4.57 billion riyals ($1.22 billion) from the sale of a 30% stake in the company through the public share sale.
It began marketing the IPO on Sunday, seeking 12.50 riyals to 13.50 riyals a share.
Reuters reported in November that the planned IPO could fetch more than $1 billion, citing sources close to the matter.
ADES is the second company to seek a flotation on the Saudi Exchange since the summer. Saudi Arabian auto rental company Lumi priced at the top of the range for its IPO last week, giving it a valuation of 3.63 billion riyals ($967.8 million).
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