Riyadh – Mubasher: Al Khobar-headquartered giant drilling operator ADES Holding Company recently unveiled key dates for its intention to proceed with an initial public offering (IPO) on the Saudi Exchange (Tadawul).

In September 2023, there will be five important dates to consider regarding the IPO process. On 10 September, ADES Holding will announce the price range as well as the institutional book-building period.

One week later on 18 September, the holding company will disclose the final IPO price, which is subject to the completion of the institutional book-building process.

The third date to consider is 19 September, when the final prospectus will be announced.

Meanwhile, the retail subscription period will be on 20-21 September.

Later in the month, ADES Holding will reveal the final allocation of the IPO shares on 28 September.

Another important date to mark your calendar for will be in October. The company will disclose any refund –if found- of excess subscription amounts on 3 October.

On 28 August this year, ADES Holding officially announced its intention to float 30% of its issued share capital, as part of its objective of creating opportunities for investors to participate in one of the most prominent sectors in Saudi Arabia.

The company will sell 338.71 million ordinary shares through a mix of 101.61 million existing shares and 237.10 million newly issued shares.

It is worth mentioning that the Capital Market Authority (CMA) approved, on 21 June 2023, ADES Holding’s application to register its share capital and trade on the Main Market of Tadawul.