Riyadh – Mubasher: Arabian Drilling Company has announced the final price for its initial public offering (IPO) on the Saudi Exchange (Tadawul) at SAR 100 per share, according to a press release.

Therefore, the company’s market capitalisation at listing will stand at SAR 8.90 billion ($2.40 billion).

The book-building process registered SAR 162 billion ($43 billion) in value, with the offered shares being oversubscribed 61 times based on the final price.

The offering size reached SAR 2.67 billion ($712 million) where the company intends to list and trade 26.70 million shares.

Saudi citizens and people living in the Kingdom, as well as the GCC nationals, can subscribe to the shares offered for individuals during the period from 18 until 19 October.

CEO of Arabian Drilling, Ghassan Mirdad, earlier commented by saying: "The IPO is an important milestone in our company’s journey and reflects our ambition to grow and maximize our potential.”

In September, the company unveiled its IPO price range between SAR 90 and SAR 100 per share to list on Tadawul’s Main Market.

On 29 June this year, the Capital Market Authority (CMA) nodded to the registration and IPO of Arabian Drilling.