(Bloomberg) -- ADES Holding Co. and its main shareholders, which include Saudi Arabia’s sovereign wealth fund, are seeking to raise as much 4.6 billion riyals ($1.2 billion) in its initial public offering that’s set to be the kingdom’s largest this year.Most Read from BloombergBoss of Failed Crypto Exchange Gets 11,000-Year SentenceCalifornia Shows an Electric-Car Uprising Headed for the USEverything Apple Plans to Show on Sept. 12: iPhone 15, Watches, AirPodsUS, EU Agree on Mideast-India Rail a
The price range has been set at 12.5 riyals to 13.5 riyals a share, valuing the company at as much as 15.2 billion riyals, according to a statement. The oil and gas driller is selling 237.1 million new shares in the offering, while the 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.
The PIF teamed up with the major owners of then London-listed ADES to take the business private in 2021, in a deal valuing the company at about $516 million. ADES, which provides oil and gas drilling and production services in the Middle East and North Africa, has since grown through acquisitions. Usually one of the Persian Gulf’s busiest markets for listings, Saudi Arabia has had a relatively slow start to the year. Less than $900 million-worth of listings have started trading in the kingdom this year, an 82% drop from a year earlier, data compiled by Bloomberg show.Now, ADES and car rental firm Lumi Rental Co — which on Friday priced its $290 million IPO at the top of the range — are set to boost that tally.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
PIF-Backed Driller, Holders Seek up to $1.2 Billion in Saudi IPOADES Holding Co. and its main shareholders, which include Saudi Arabia’s sovereign wealth fund, are seeking to raise as much 4.6 billion riyals ($1.2 billion) in its initial public offering that’s set to be the kingdom’s largest this year.
Lire la suite »
Abortion rights at stake as Florida court weighs DeSantis-backed banBy Joseph Ax (Reuters) - The future of abortion rights in Florida will be at stake on Friday when the state's highest court hears arguments over ...
Lire la suite »
Abortion rights at stake as Florida court weighs DeSantis-backed banBy Joseph Ax (Reuters) - The future of abortion rights in Florida will be at stake on Friday when the state's highest court hears arguments over ...
Lire la suite »
Gold-backed BRICS currency prospects weaken ahead of G20 summit as China-India rift widens(Kitco News) - The deteriorating relationship between the world’s two most populous countries is threatening to set back the BRICS currency project and undermine the bloc’s de-dollarization goals.
Lire la suite »
Analysis-Oil cut extension raises risk of Saudi economic contraction this yearBy Yousef Saba and Rachna Uppal DUBAI (Reuters) - Saudi Arabia faces the risk of an economic contraction this year following its decision to extend ...
Lire la suite »
Oil prices hold steady as Saudi cuts balance macroeconomic gloomBrent crude futures edged seven cents lower to $89.85 a barrel by 0826 GMT, while U.S. West Texas Intermediate crude futures dipped 23 cents to $86.64
Lire la suite »