Logo of Arabian Drilling Co.
Arabian Drilling Co. issued today the prospectus to list 26.7 million shares, or 30% of capital, on the Saudi Exchange (Tadawul).
On June 29, the company received the approval of the Capital Market Authority (CMA) on offering 26.7 million ordinary shares.
The retail subscription is set to run for two days, starting from Oct. 18.
The offering will consist of the following:
- Selling 17.7 million outstanding shares
- Issuing nine million new shares.
Thus, the company's capital after the offering will rise from SAR 800 million (80 million shares) to SAR 890 million (89 million shares).
The offering will be confined to two tranches, defined as follows:
Tranche (A): Participating Parties: Comprising the parties entitled to participate in the book-building process as specified under the book-building instructions, including mutual funds, corporates, and qualified foreign investors and GCC investors.
Tranche (B): Individual Investors: Comprising Saudi natural persons, non-Saudi natural persons resident in the Kingdom or natural GCC persons, who have a bank account with a receiving agent.
The company's activities consist of the following:
- Drilling of oil fields;
- Drilling of natural gas fields;
- Services related to oil extraction (except surveying services);
-Services related to natural gas extraction (except surveying services);
- Drilling of tubular water wells; and
- Drilling of manual water wells.
The company operates in two segments: onshore segment, which includes provision of drilling and related services through onshore rigs, and offshore segment, which includes provision of drilling and related services through offshore rigs.
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Company Profile |
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Company |
Arabian Drilling Co. |
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Market |
Saudi Exchange (Tadawul) |
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Core Activities |
Oil well services |
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Capital Pre-IPO |
SAR 800 mln |
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Number of shares |
80 mln |
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Capital Post-IPO |
SAR 890 mln |
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Number of shares |
89 mln |
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IPO Summary |
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Issue percentage (%) |
30% |
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Number of shares offered |
26.70 mln shares |
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Qualified subscribers |
- Participating categories that include investment funds, QFIs, legal entities and GCC investors.
- Retail investors |
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Minimum subscription limit for retail |
10 shares |
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Minimum subscription limit for institutional investors |
100,000 shares |
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Maximum subscription limit for retail investors |
250,000 shares |
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Maximum subscription limit for institutional investors |
4.449.999 mln shares |
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Orders and book building period |
Sept. 28- Oct. 5, 2022 |
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Retail subscription period |
Oct. 18-19, 2022 |
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Final allocation |
Oct. 25, 2022 |
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Surplus refunds |
Oct. 27, 2022 |
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Special Information |
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Joint Financial Advisors, Lead Managers, Institutional Bookrunners, Global Coordinators and Underwriters |
HSBC Saudi Arabia – Goldman Sachs Saudi Arabia |
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Financial Advisor, Lead Manager, Institutional Bookrunner, Local Coordinator and Underwriter |
SNB Capital |
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Receiving Banks |
Riyad Bank, Al Rajhi Bank and SNB |
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Major Shareholders |
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Shareholders |
Pre-IPO |
Post-IPO |
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Number of shares (mln shares) |
Ownership% |
Number of shares (mln shares) |
Ownership% |
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Industrialization & Energy Services Company (TAQA) |
40.80 |
51% |
31.77 |
35.7% |
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Services Pétroliers Schlumberger S.A. |
39.20 |
49% |
30.53 |
34.3% |
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Public |
-- |
-- |
26.70 |
30% |
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Total |
80.00 |
100% |
89.00 |
100% |
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