Arabian Drilling sets final offer price at SAR 100/share

Logo of Arabian Drilling Co. (ADC)

Arabian Drilling Co. (ADC) successfully completed the book-building process for institutional investors and set the final offer price at the top of range of SAR 100 per share, with a coverage ratio of up to 61 times, said Goldman Sachs Group Inc, HSBC Saudi Arabia and SNB Capital, the joint financial advisors on the IPO.

Subscription orders were valued at SAR 162 billion ($43 billion).

Therefore, the company’s market capitalisation upon listing will stand at SAR 8.9 billion ($2.40 billion).

The company offered 26.70 million shares to the public.          

The offering comprises a primary offering of 10.11% of Arabian Drilling, or nine million new shares, and a secondary offering of 19.89% of the company's total share capital, or 17.7 million existing shares, held by The Industrialization & Energy Services Company (TAQA) and Services Petroliers Schlumberger S.A.

The retail subscription period to 10% of the offer shares (2.76 million shares) will run from Oct. 18-19.

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