Arabian Drilling says IPO book-building to run from Sept. 28 to Oct. 5

Logo of Arabian Drilling Co.

Arabian Drilling Co.  plans to proceed with the initial public offering (IPO) to list its ordinary shares on the Saudi Exchange (Tadawul), according to HSBC Saudi Arabia, Goldman Sachs Saudi Arabia and SNB Capital in their capacity as the IPO financial advisors, bookrunners and underwriters. 

The offering will include selling 19.89% of the company’s existing shares and issuing new shares at 10.11% of the post-listing capital.  

The final offering price will be determined after the book-building process, which will run from Sept. 28 to Oct. 5, 2022.  

The retail subscription is expected to last two days, starting from Oct. 18. 

On June 29, the company received the approval of the Capital Market Authority (CMA) on offering 26.7 million ordinary shares, or 30% of the 89 million share capital.  

Founded in 1964, Arabian Drilling is a limited liability company, with Industrialization and Energy Services Company (TAQA) owning 51% of its shares and Schlumberger holding the remaining stake, according to data available with Argaam. 

The firm operates drilling rigs in Saudi Arabia and the Saudi Arabian–Kuwaiti neutral zone. 

Arabian Drilling owns and operates a fleet of 45 onshore and offshore drilling rigs, including equipment capable of drilling from 375 feet below sea level, and multi-purpose self-propelled service vessels to intervene and test wells. 

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