Logo of ADES International Holding
ADES International Holding Co. announced its intention to go public and list shares on the Saudi Exchange (Tadawul).
On June 21, the Capital Market Authority (CMA) gave the green light for ADES International Holding Co. to register and offer 338.72 million shares. The offer will comprise 101.62 million shares by ADES Investment Holding Ltd., Public Investment Fund (PIF) and Zamil Investment Co. (according to their current ownership stakes), and 237.10 million new shares through capital hike.
The shares on offer represent 9% and the new shares represent 21% of the issued capital upon the offering completion – a total of 30% of the issued capital (after new shares and the increase in the company’s capital).
ADES Holding will also issue 33.78 million new shares to be allocated to the employees of the company and its subsidiaries, to keep as treasury shares until their ownership is transferred to employees, in accordance with the the long-term incentive plan.
The proceeds of the offering (after deducting the expenses related to the offering) will be distributed to the selling shareholders on a proportional basis, and the remaining proceeds will be used to reduce part of the debt owed by the group and finance the group’s growth strategy.
The company indicated that the final price of the offer will be determined on Sept. 18.
ADES Holding will offer 338.72 million shares, or 30% of the company's capital (after the increase), through the sale of a mixture of existing and new shares.
The final offering price will be determined upon the completion of the book-building process.
According to the data available with Argaam, ADES Holding operates as a provider of drilling and exploration services in the oil and natural gas sector across the Middle East and North Africa region.
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Company Profile |
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Company |
ADES Holding |
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Market |
TASI |
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Core Activities |
Providing drilling and production services to the oil and gas sector in the Middle East and North Africa |
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Offer Details |
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Issue Percentage |
30% |
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Offered Shares |
101.62 million shares existing shares |
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237.10 million new shares to be issued |
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338.72 million shares |
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Qualified Subscribers |
Institutional and Retail Investors |
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Shares for Retail Investors |
33.87 million shares (10% of the total offering shares) |
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Shares for Institutional Investors |
338.72 million shares (100% of the total offering shares and will be reduced to 304.85 million shares if the subscription is covered by retail investors) |
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Final Price Date |
Sept. 18, 2023 |
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Institutional Offer Period and Book Building |
For five days, starting from Sept.10 to Sept.14 |
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Retail Offer Period |
For two days, starting from Sept. 20 to Sept. 21 |
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Final Allocation Date |
Sept. 28, 2023 |
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Surplus Refunds |
Oct. 3, 2023 |
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Special Info |
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Financial Advisor, Book-Runner, Underwriter, Lead Manager |
EFG Hermes Saudi Arabia - Goldman Sachs Saudi Arabia - JP Morgan Saudi Arabia – SNB Capital |
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Book-Runner and Underwriter |
Arab National Bank - Al Rajhi Bank - Riyad Bank - Saudi National Bank |
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