The Saudi oil and gas driller ADES Holding announced it has set the final price for its initial public offering (IPO), with a valuation of 4.06 billion USD for the Saudi sovereign wealth fund-backed firm.
The IPO was expected to be priced at 13.50 riyals a share, the top-end of a previously announced range, according to Reuters reports.
The company mentioned that the IPO has attracted nearly 76.5 billion USD in orders from institutional investors.
The firm is to secure about 1.22 billion USD from the sale of more than 338.7 million existing and new shares or about 30% of its issued share capital post-capital increase.
The Institutional book-building has closed, and the retail subscription runs from September 26-28.
The final share allocations are no later than October 4. Shares trading dates are not yet to be announced.
ADES is the second company to seek a flotation on the Saudi Exchange after Saudi auto rental company Lumi set its IPO price at the top of its range earlier this month.
ADES operates a fleet of offshore and onshore rigs across the Middle East, North Africa, and India. The firm’s clients are state oil giant Saudi Aramco, Kuwait Oil Company, and North Oil Company in Qatar.
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