ADES Holding set to raise $1.2 billion in Saudi Arabia's largest IPO this year

  • Investing.com
  • Stock Market News
ADES Holding set to raise $1.2 billion in Saudi Arabia's largest IPO this year
Credit: © Reuters.

In a significant development, ADES Holding Co., an oil and gas drilling company, is anticipated to raise up to $1.2 billion in what is expected to be the largest public offering in Saudi Arabia this year. The firm's initial public offering (IPO) was oversubscribed within hours, underscoring robust investor interest, as reported on Thursday.

The shares are projected to be priced at 13.50 riyals ($3.60) each, according to the terms of the deal. This pricing range was initially established between 12.5 riyals and 13.5 riyals per share, indicating a strong demand for the company's shares.

As part of this offering, ADES Holding Co. is putting 237.1 million new shares on the market. Key shareholders including the Public Investment Fund, ADES Investments Holding Ltd., and Zamil Group Investment Ltd., are also offloading approximately 101.6 million shares.

Overall, the total stake being offered in this IPO equates to 30% of the company.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100

Related Articles