ADES sets IPO final price at SAR 13.5/share on TASI

Logo of ADES International Holding Co.

ADES International Holding Co. successfully completed the book-building process for institutional investors, SNB Capital, the lead manager, financial advisor, institutional bookrunner and underwriter on the initial public offering (IPO), said.

The company set the final offer price at SAR 13.5 per share. The order book was 62.7x subscribed with nearly SAR 286.9 billion orders.

The offer price range was earlier set between SAR 12.50 and SAR 13.50 per share.

The company will offer 338.72 million shares of its post-IPO capital. The offer will comprise 101.62 million shares by ADES Investment Holding Ltd., Public Investment Fund (PIF) and Zamil Investment Co. (according to their current ownership stakes), and 237.10 million new shares to be issued through a capital hike.

The book-building process ran from Sept. 10-14.

ADES received orders of nearly SAR 287 billion ($76.5 billion) from institutional investors. The institutional offering was almost 16x covered.

The retail offering will start from Sept. 26-28.

The final allocation will be announced on Oct. 4, according to ADES IPO prospectus.

According to the data available with Argaam, ADES Holding operates as a provider of drilling and exploration services in the oil and natural gas sector across the Middle East and North Africa region.

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