ADES International eyes IPO on Tadawul in Q1 2023: report

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ADES International Holding Co. seeks to offer its shares on the Saudi Exchange (Tadawul) during the first quarter of 2023, in an IPO expected to be valued at about $1 billion, sources told Egypt-based Alborsa newspaper. 
 

ADES International is an oil and gas drilling and production services provider in the Middle East.  
 

The company is currently hiring an investment bank to manage the planned share sale. It is also considering offers submitted by about four to five alliances of investment banks, including Citigroup, SNB Capital and EFG-Hermes, according to the sources. 
 

Once a legal financial adviser is appointed, an agreement will be made on the percentage to be offered by the company on the Saudi market. 
 

The IPO's is particularly significant as Saudi Arabia contributes about 54% to ADES’ annual business, said the sources, adding that the offering will boost expansions, especially amid the ongoing developments in the global oil market. 
 

Innovative Energy owns 100% of the shares of ADES. The ownership of Innovative Energy is distributed among the Saudi Public Investment Fund (PIF) with a 32.5% stake, Zamil Investment Co. with 10%, in addition to a majority interest of 57.5% held by ADES Investments Holding Co., according to Argaam's available data. 

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