Riyadh October 4 2023: ADES International Holding Plc has successfully concluded its oversubscribed retail offering, with an astonishing oversubscription rate of 983.8%.
SNB Capital, serving as the Manager, Financial Advisor, Book-runner, International Coordinator, and Underwriter, along with EFG Hermes KSA, Goldman Sachs Saudi Arabia, and J.P. Morgan Saudi Arabia in their roles as Financial Advisors, Book-runners, International Coordinators, and Underwriters for the potential initial public offering (IPO) on Tadawul, have confirmed this development.
Each individual subscriber was allocated a minimum of 10 shares. The remaining shares will be allocated proportionally, utilizing an allocation factor of 6.4951%. Refunds for retail investors are scheduled to be issued no later than Tuesday, October 10th.
Meanwhile, the institutional offering, which received overwhelming interest and was covered 62.7 times, has also closed. The total value of orders placed during the book-building process amounted to nearly SAR 286.9 billion.
“Since inception, ADES has grown from a local driller operating predominantly in North Africa to one of the largest drilling operators in the MENA region with a fleet of 85 rigs and operations spanning seven countries, including India where three rigs will be operating in 2023. We are now present in the most attractive drilling markets globally and partner of choice for the largest and most reliable energy suppliers around the world. Our IPO will support us in continuing to deliver growth and cement our position as the leader in the jackup drilling market in Saudi Arabia and globally” says Chairman Ayman Abbas.
The Group grew from a local driller operating predominantly in North Africa to one of the largest drilling operators in the MENA region with a fleet of 85 rigs and operations spanning seven countries, including India where three rigs will be operating in 2023.
Over the past decade, the Group expanded its footprint across key geographies, leveraging its ability to identify underserved, niche profitable markets and acquiring value-accretive, distressed assets and companies.
In line with its targeted expansion preliminary in the GCC countries, the Group’s backlog increased from SAR 3.5 billion (USD 0.9 billion in 2020G to SAR 27.4 billion (USD 7.3 billion) in 2022G with 97% coming from GCC.
The Group is the national leader in offshore drilling in the Kingdom of Saudi Arabia and is the largest jack-up rig operator for Saudi Aramco. It has 33 jack-up rigs contracted in the Kingdom of Saudi Arabia.
