#Saudi PIF-backed ADES prices IPO at top end, implying over $4 bln valuation | Reuters

Saudi PIF-backed ADES prices IPO at top end, implying over $4 bln valuation | Reuters

Saudi oil and gas driller ADES Holding said on Wednesday it has set the final price for its initial public offering (IPO), implying a valuation of 15.242 billion riyals ($4.06 billion) for the Saudi sovereign wealth fund-backed firm.

Reuters reported last week that the IPO was expected to be priced at 13.50 riyals a share, the top-end of a previously announced range.

ADES confirmed the pricing for the IPO, saying it drew nearly $76.5 billion in orders from institutional investors.

The firm is expected to raise about $1.22 billion from the sale of more than 338.7 million existing and new shares or about 30% of its issued share capital post-capital increase.

Reuters reported in November that the planned IPO could fetch more than $1 billion, citing sources close to the matter.

Institutional book-building has closed. Retail subscription runs from Sept. 26-28. Final share allocations are expected no later than Oct. 4. No date has yet been set for shares to begin trading.