{"id":604297,"date":"2023-08-29T00:00:00","date_gmt":"2023-08-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/ades-international-to-ipo-in-riyadh-in-september\/"},"modified":"2023-08-29T00:00:00","modified_gmt":"2023-08-29T00:00:00","slug":"ades-international-to-ipo-in-riyadh-in-september","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/ades-international-to-ipo-in-riyadh-in-september\/","title":{"rendered":"ADES International to IPO in Riyadh in September"},"content":{"rendered":"

ADES pulls the trigger on its IPO: <\/strong>Cairo-born regional oil and gas services company ADES International has announced its intention to<\/a> float<\/a> (pdf)<\/a> on the Saudi Tadawul. The company is planning to offer a 30% stake (338.7 mn shares), which could raise more than USD 1 bn, Bloomberg<\/a> previously reported. <\/p>\n

Existing shareholders are selling part of their stakes: <\/strong>Almost a third (101 mn) of the shares offered will come from existing shareholders \u2014 Intro Group subsidiary ADES Investments Holding, Saudi Arabia\u2019s Public Investment Fund (PIF), and Zamil Investment. The remaining 237 mn will be newly-issued shares via capital increase. The company didn\u2019t disclose how many shares the individual shareholders will sell. <\/p>\n

The current breakdown: <\/strong> Intro Group\u2019s ADES Investments Holding owns the majority 54.5% stake, the PIF owns 35.5%, and Zamil Investment owns 10.0%. <\/p>\n

ESOP: <\/strong>The company will also issue up to 33.9 mn new shares \u2014 or 10% of the total offered shares \u2014 to company employees.<\/p>\n

The company will hold a five-day book building process from 10-14 September<\/strong>, after which it will announce the final share price on 18 September. ADES will open the door for retail investors to subscribe on 20-21 September. Trading on the shares is set to commence \u201cafter all relevant regulatory requirements are satisfied.\u201d<\/p>\n

It\u2019s been a long time coming: <\/strong>ADES has been mulling a Riyadh listing since at least last year<\/a> but the process has reportedly stalled<\/a> due to unfavorable market conditions. The Saudi Capital Market Authority in June approved<\/a> ADES\u2019 application to offer the shares on the Saudi exchange, giving it a six-month window in which to go public. <\/p>\n

Where is the money going? <\/strong>The IPO proceeds that don\u2019t go to the selling shareholders will go towards reducing the company\u2019s outstanding debt and financing its growth plans.<\/p>\n

Advisors <\/strong> : <\/strong>The company has tapped our friends at EFG Hermes, Goldman Sachs, JPMorgan, and SNB Capital to act as financial advisors, global coordinators, bookrunners, and underwriters on the transaction. SNB Capital has also been appointed lead manager. Our friends at HSBC, GIB Capital, Al Rajhi Capital, and Saudi Fransi Capital will also act as bookrunners and underwriters to the offering. Lazard Financial Advisory is ADES\u2019s independent financial advisor.<\/p>\n

From public to private and back again: <\/strong>The company was trading on the London Stock Exchange until 2021 when it was delisted<\/a> following a takeover backed by the PIF.<\/p>\n

Why do we care? <\/strong>The company started life here in Egypt, where it maintains a significant presence. It derived 18% of its revenue locally in 2019 (ahead of a sustained push to expand its regional operations), according to a 2020 investor presentation (pdf)<\/a>. It is currently the country\u2019s largest offshore driller. The company has also been reported as saying it could look into a dual listing on the Egyptian Exchange after its Saudi debut.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bookbuilding kicks off on 10 September<\/p>\n","protected":false},"author":1,"featured_media":604298,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7224],"tags":[7057,1827,84,93,72,11501,260,490,78,262,91,219,11502,11503],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-ades-international","tag-al-rajhi-capital","tag-efg-hermes","tag-energy","tag-enterpriseam","tag-gib-capital","tag-goldman-sachs","tag-hsbc","tag-ipo-watch","tag-jpmorgan","tag-oil-and-gas","tag-saudi-arabia","tag-saudi-fransi-capital","tag-snb-capital","wpautop","entry"],"acf":{"mongo_id":"fd0c3ecd-9776-45bb-a7fe-bce74d9b6adc","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1294.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt-born ADES International to IPO in Riyadh in September","related_issue":[604292],"teaser":"Bookbuilding kicks off on 10 September","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.a2f9f8f0-cd7f-43df-a268-f7df7a617e4f.mp3"},"yoast_head":"\nADES International to IPO in Riyadh in September - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/ades-international-to-ipo-in-riyadh-in-september\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADES International to IPO in Riyadh in September\" \/>\n<meta property=\"og:description\" content=\"Bookbuilding kicks off on 10 September\" \/>\n<meta property=\"og:url\" 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The Dubai International Financial Centre-based company is planning to raise up to USD 170 mn through the issue\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564930,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/08\/saudi-wealth-fund-to-take-top-offshore-outfit-ades-international-private\/","url_meta":{"origin":604297,"position":4},"title":"Saudi wealth fund to take top offshore outfit ADES International private","author":"enterpriseam admin","date":"8 March 2021","format":false,"excerpt":"Saudi Arabia\u2019s Public Investment Fund is looking to take leading regional oil and gas services company ADES International private. The USD 161 mn transaction would value the UAE-based rig player, which grew out of Egypt and remains the country\u2019s largest offshore oil and gas service provider, at some USD 516\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/422.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607990,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/12\/ades-shares-soar-30-in-market-debut-bucking-regional-market-trends\/","url_meta":{"origin":604297,"position":5},"title":"ADES shares soar 30% in market debut, bucking regional market trends","author":"enterpriseam admin","date":"12 October 2023","format":false,"excerpt":"The USD 1.2 bn IPO saw 30% of the company sold to investors","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/628.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=604297"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/604297\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/604292"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/604298"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=604297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=604297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=604297"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=604297"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=604297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}