ADES prices IPO on TASI between SAR 12.50-13.50/share

The offer price range was set between SAR 12.50 and 13.50 66 per share. The book-building process for institutional investors will start today and run through Sept. 14.

ADES Holding announced a plan to sell 338.7 million shares, or 30% of its post-IPO capital, to the public. The shares on offer represent 39.5% of the company’s pre-IPO capital.

On June 21, the Capital Market Authority (CMA) gave the greenlight for ADES to register and offer 338.72 million shares on Tadawul. The offer will comprise 101.62 million shares owned by ADES Investment Holding Ltd., Public Investment Fund (PIF) and Zamil Investment Co. — as per their current ownership stakes, in addition to the issuance of 237.10 million new shares through a capital hike.

ADES Holding operates as a drilling and exploration services provider in the oil and natural gas sector in the MENA region.