06 Sep PIF-Backed ADES announces IPO plan
ADES Holding, a PIF-backed Oil and Gas driller has announced plans to proceed with an initial public offering on the Saudi exchange.
In a statement, the company said its public share sale will comprise 338,718,754 ordinary shares, resulting in a free float of 30% after the sale of a mix of existing and newly issued shares.
According to Reuters, the planned IPO could fetch more than $1 billion.
“Since inception, ADES has grown from a local driller operating predominantly in North Africa to one of the largest drilling operators in the Middle East and North Africa region with a fleet of 85 rigs and operations spanning seven countries,” ADES Chairman Ayman Abbas said in the statement.
“Our IPO will support us in continuing to deliver growth and cement our position as the leader in the jack-up drilling market in Saudi Arabia and globally,” Abbas said.
The company is clear in its intention to grow, continuing to fund the Saudi Arabian economy, even as it seeks to move away from a dependency on oil as part of its Saudi Vision 2030.
With continued investment and drilling, the industry continues to thrive.