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Driller ADES IPO draws huge institutional demand
RIYADH, September 21, 2023
ADES Holding Company, a leading oil and gas drilling and production services provider, has set the final offer price for its IPO at SAR13.5 ($3.6) per share, implying a market capitalisation of SAR15.24 billion ($4.07 billion) at listing.
The institutional book-building process ended with a subscription coverage of 62.7 times, while the recorded orders from institutional investors stood at approximately SR286.85 billion ($76.49 billion).
Retail subscription period
The retail subscription period will last for three days, commencing on Tuesday, September 26, 2023 and ending at 2:00pm KSA time on Thursday, September 28, 2023. Individual Subscribers must have an active stock portfolio at a Capital Market Institution associated with the Receiving Agent being subscribed through.
The IPO of ADES comprises an offer of 338,718,754 ordinary shares, representing 30% of the company’s issued share capital (post capital increase) through the sale of a mix of existing shares and newly issued shares.-- TradeArabia News Service
