Riyadh – Mubasher: ADES Holding Company, the oil drilling and production services provider in MENA, has unveiled that the price range for its initial public offering (IPO) on the Saudi Exchange (Tadawul) has been set between SAR 12.50 and SAR 13.50 per share.

The leading firm also announced the commencement of the institutional book-building period for the participating parties. The duration will be from 10 September until 14 September, according to a press release.

ADES Holding is floating 30% of its share capital to be listed on Tadawul’s Main Market. This is equivalent to 338.71 million shares.

The company recently amended the timeline for its IPO, noting that the final price is expected to be announced on 20 September, instead of 18 September as disclosed in the old timeline.

Al Khobar-based company officially unveiled its intention to go public on 28 August 2023.

Meanwhile, it received the regulatory nod from the Capital Market Authority (CMA) on 21 June this year.