Riyadh – Mubasher: The MENA-focused leading oil and gas drilling and production services provider ADES Holding Company unveiled a new timeline for its initial public offering (IPO) to trade on the Main Market of the Saudi Exchange (Tadawul).

According to the official announcement Mubasher received, the price range will be disclosed on 10 September, while the bidding period for participating parties and book-building process will be for five days on 10-14 September 2023.

ADES Holding will make the final IPO price announcement on 20 September.

The subscription period for individual subscribers, known as the retail subscription period, will take place for three days on 26-28 September.

The deadline for submission of subscription forms by participating parties based on the initial allocation of the IPO shares will be on 26 September.

The deadline for payment of the subscription amounts for participating parties based on the number of provisionally allocated IPO shares will be on 27 September.

Meanwhile, the deadline for submission of subscription forms and payment of subscription amounts for individual subscribers will be on 28 September.

ADES Holding will disclose the final allocation of the IPO shares no later than 4 October.

The company updated the refund of excess subscription amounts, if found, to be no later than 10 October.

As for the expected date of commencement of trading on Tadawul, it will commence after all relevant regulatory requirements are satisfied. Furthermore, the trading will be announced on Tadawul website.

On 28 August 2023, the company unveiled its intention to float 30% of its issued share capital and issued the old expected timeline for the IPO.

Earlier this year on 21 June, the Capital Market Authority (CMA) approved the company’s application for registering its share capital and offering of 338.71 million ordinary shares.