PIF hires banks for ADES International IPO: Report

22/11/2022 Argaam

Saudi PIF hires banks for ADES IPO: Report

Logo of ADES International Holding

Saudi Arabia's Public Investment Fund (PIF) selected JPMorgan, Goldman Sachs, SNB Capital and EFG Hermes as joint lead managers for the potential initial public offering (IPO) of oil and gas driller ADES International Holding, Reuters reported, citing two unnamed sources.

 

The IPO could value the business at about $5 billion, Argaam earlier reported, citing Bloomberg.

 

ADES extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and North Africa (MENA) region.

 

Innovative Energy owns 100% of ADES shares. The ownership of Innovative Energy is distributed among PIF with a 32.5% stake, Zamil Investment Co. with 10%, and a majority interest of 57.5% held by ADES Investments Holding Co.

 

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