ADES Holding Company (“ADES”, the “Group” or the “Company”), a leading oil and gas drilling and production services provider in the Middle East and North Africa region (the “MENA” region), announced the successful completion of the book-building process for institutional investors (“Participating Parties”), and the final offer price (“Final Offer Price”) for the Company’s initial public offering (“IPO” or the “Offering”).
The Final Offer Price for the Offering has been set at SAR 13.50 per share, implying a market capitalization of SAR 15,242 million ($4 billion) at listing. The institutional book-building process ended with a subscription coverage of 62.7 times, while the recorded orders from institutional investors stood at approximately SAR 286,853 million ($76.5 billion).
The retail subscription period will last for three days, commencing on Tuesday, 26 September 2023 and ending at 2:00 pm KSA time on Thursday, 28 September 2023. Individual Subscribers must have an active stock portfolio at a Capital Market Institution associated with the Receiving Agent being subscribed through.
On 21 June 2023, the Capital Market Authority (“CMA”) approved the Company’s application for registering its shares and Offering of 338,718,754 ordinary shares of the Company’s total capital by way of sale of 101,615,626 existing shares (the “Sale Shares”) by ADES Investments Holding Ltd., the Public Investment Fund and Zamil Group Investment Limited (in proportion to their existing shareholding), together referred to as (the “Selling Shareholders”), and the issuance of 237,103,128 new shares (the “New Shares”) (referred to with the Sale Shares as (the “Offer Shares” and each as an “Offer Share”) for public offering through a capital increase.
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