ADES Holding Company (“ADES” or 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), today announces the price range for its initial public offering (“IPO” or the “Offering”), as well as the commencement of the institutional book-building period for Participating Parties.
The price range for the offering has been set between SAR 12.50 ($3.33) and SAR 13.50 ($3.6) per share (the “Price Range”). The institutional book-building period commences today, 10 September 2023, and will end on 14 September 2023.
Read: ADES holding company announces Saudi IPO plans
On 21 June 2023, the Capital Market Authority (“CMA”) approved the Company’s application for registering its share capital 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 (“PIF”) and Zamil Group Investment Ltd. (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. The final offer price of the Offer Shares will be determined at the end of the book-building period.
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