Oil driller ADES Holding Co. drew 286.9 billion riyals ($76.5 billion) in orders for its $1.2 billion initial public offering in Saudi Arabia, the country’s biggest of the year.
ADES, which is backed by the kingdom’s sovereign wealth fund, priced the IPO at 13.50 riyals per share, the top of the range, according to a statement on Wednesday. That values that company at $4.1 billion.
That could potentially help encourage the Saudi government to move ahead with plans for a secondary offering of shares in Aramco.ADES is selling 237.1 million new shares in the IPO, while its shareholders - the Public Investment Fund, ADES Investments Holding and Zamil Group Investment - 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.
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