ADES set to price shares at top of expected range in Saudi IPO: Egypt-born oil and gas driller ADES Holding is expected to sell its shares at SAR 13.50 in its initial public offering (IPO) on the Saudi stock exchange, Bloomberg reports, citing a terms sheet it has seen.The company is set to raise USD 1.2 bn by offering 30% of its share capital to the public, in what is projected to be the kingdom’s biggest listing of the year. The shares were significantly oversubscribed within the first hours of institutional bookbuilding, according to Bloomberg. The final pricing will be announced on 20 September.

The sellers: Company shareholders PIF, ADES Investments Holdings and Zamil Group Investment will sell a combined 101.6 mn existing shares, and ADES will also issue 237.1 mn new shares, according to Reuters.

Where the money’s going: ADES intends to use the proceeds from the offering to reduce part of its indebtedness and fund its growth strategy, as well as for “general corporate purposes”, Bloomberg reports.

Advisors: EFG Hermes, Goldman Sachs, JPMorgan and SNB Capital will act as the financial advisors, global coordinators, bookrunners, and underwriters on the transaction. SNB Capital will also act as the lead manager. HSBC, GIB Capital, Al Rajhi Capital, and Saudi Fransi Capital were appointed as bookrunners and underwriters to the offering. Lazard Financial Advisory is ADES’s independent financial advisor.

EGX30

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THE CLOSING BELL-

The EGX30 rose 0.9% at Thursday’s close on turnover of EGP 2.0 bn (3.9% below the 90-day average). Foreign investors were net buyers. The index is up 33.9% YTD.

In the green: Talaat Moustafa Group (+11.7%), Abu Dhabi Islamic Bank - Egypt (+3.5%) and Abu Qir Fertilizers (+2.7%).

In the red: Beltone Holding (-1.3%), Fawry (-1.2%) and AMOC (-1.2%).

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