Riyadh – Mubasher: ADES Holding Company, a leading oil and gas drilling and production services provider in the MENA region, set the final offer price for its initial public offering (IPO) on the Saudi Exchange (Tadawul) at SAR 13.50 per share.

The IPO implied a market cap of SAR 15.24 billion ($4.06 billion) at listing, according to a press release.

The book-building process witnessed a subscription coverage of 62.7 times, while the recorded orders from institutional investors stood at nearly SAR 286.85 billion ($76.49 billion).

Meanwhile, the retail subscription period will last for three days during 26-28 September 2023.

Earlier this month, the drilling operator set the price for its IPO at a range of SAR 12.50-13.50 per share.

ADES Holding plans to float 30% of its share capital on Tadawul in line with its objectives to provide opportunities for investors to participate in one of Saudi Arabia’s key sectors.

The Capital Market Authority (CMA) greenlighted the company’s IPO last June.