ADES Holding Co.’s initial public offering is expected to raise as much as $1.2 billion in what’s set to be Saudi Arabia’s biggest listing of the year.
(Bloomberg) — ADES Holding Co.’s initial public offering is expected to raise as much as $1.2 billion in what’s set to be Saudi Arabia’s biggest listing of the year.
The share sale is set to price at 13.50 riyals ($3.60) apiece according to terms of the deal seen by Bloomberg. The range had been set at 12.5 riyals to 13.5 riyals a share, and the offering was oversubscribed within hours.
The oil and gas driller is selling 237.1 million new shares in the offering, while its shareholders – Public Investment Fund, ADES Investments Holding Ltd. and Zamil Group Investment Ltd. – are selling about 101.6 million shares. The total stake being offered is 30% of the company.
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