{"id":606086,"date":"2023-09-11T00:00:00","date_gmt":"2023-09-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/ades-eyes-usd-1-2-bn-from-saudi-ipo\/"},"modified":"2023-09-11T00:00:00","modified_gmt":"2023-09-11T00:00:00","slug":"ades-eyes-usd-1-2-bn-from-saudi-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/11\/ades-eyes-usd-1-2-bn-from-saudi-ipo\/","title":{"rendered":"ADES eyes USD 1.2 bn from Saudi IPO"},"content":{"rendered":"

ADES sees strong demand from investors for landmark IPO: <\/strong>Egypt-born regional oil and gas services driller ADES Holding\u2019<\/a> s<\/a> initial public offering (IPO) on the Saudi stock exchange was oversubscribed within hours of the company releasing pricing on its shares, Bloomberg<\/a> reports, citing a terms sheet it has seen. <\/p>\n

KSA\u2019s biggest debut so far this year: <\/strong>The company set the price range for the offering at between SAR 12.50 - 13.50 (USD 3.33- 3.60) per share, ADES said in a<\/a> statement (pdf)<\/a> yesterday, valuing the company at as much as SAR 15.2 bn (USD 4.05 bn) by our math. This would see the oil and gas driller raise up to SAR 4.5 bn (USD 1.2 bn) from the offering, which is expected to be the largest on the Saudi stock exchange this year. The company is selling a 30% stake<\/a>(c. 338.7 mn shares) on the Saudi Tadawul, nearly one-third of which will be sold by existing investors, while the remainder are freshly issued shares. <\/p>\n

Remember: ADES finally pulled the trigger on the Riyadh listing last month<\/strong>, which has been in the works since at least last year<\/a> but reportedly stalled<\/a> due to unfavorable market conditions. The oil and gas driller was previously listed on the London Exchange but delisted following a PIF-backed takeover in 2021. ADES is one of Egypt\u2019s largest off-shore gas and oil drillers and was established in Egypt before listing on the London Exchange in 2017.<\/p>\n

Book-building underway: <\/strong> The institutional book-building process kicked off yesterday and will continue until Thursday 14 September, while the final pricing will be revealed on 20 September. The retail offering will now start six days later than planned and will now take place on 26-28 September.<\/p>\n

Advisors: <\/strong>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\u2019s independent financial advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

The IPO is expected to be Saudi Arabia\u2019s largest offering this year<\/p>\n","protected":false},"author":1,"featured_media":606087,"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-606086","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":"2da9414e-d7c9-4f5a-87d7-aca35f01a5d9","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/742.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt-born ADES eyes USD 1.2 bn from Saudi IPO","related_issue":[606079],"teaser":"The IPO is expected to be Saudi Arabia\u2019s largest offering this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.1abcdd4d-3214-4339-a793-7dec524bbd3d.mp3"},"yoast_head":"\nADES eyes USD 1.2 bn from Saudi IPO - 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\/09\/11\/ades-eyes-usd-1-2-bn-from-saudi-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADES eyes USD 1.2 bn from Saudi IPO\" \/>\n<meta property=\"og:description\" content=\"The IPO is expected to be Saudi Arabia\u2019s largest offering this year\" \/>\n<meta property=\"og:url\" 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"IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/1294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":648452,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/04\/ades-international-announces-intention-to-float-on-lse\/","url_meta":{"origin":606086,"position":3},"title":"ADES International announces intention to float on LSE","author":"enterpriseam admin","date":"4 April 2017","format":false,"excerpt":"IPO Watch- Oil and gas drilling and production services provider ADES International Holding announced its intention to proceed with a global offer of its existing shares on the London Stock Exchange yesterday. 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":611940,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/14\/ades-holding-handed-10-year-contract-to-operate-suez-brownfields-plus-beltone-mortgage-majid-al-futtaim-sky-investments-egbank\/","url_meta":{"origin":606086,"position":4},"title":"ADES Holding handed 10-year contract to operate Suez brownfields. PLUS: Beltone Mortgage, Majid Al Futtaim, Sky Investments, EGBank","author":"enterpriseam admin","date":"14 December 2023","format":false,"excerpt":"ADES LANDS SUEZ BROWNFIELDS- A consortium led by the Saudi Public Investment Fund (PIF)-backed ADES Holding was awarded a 10-year contract to operate and ramp up oil production at maturing fields operate by Suez Oil Company and Offshore Shukeir Oil Company. The contract, awarded by the Egyptian General Petroleum Corporation,\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/975.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606256,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/13\/another-ipo-in-riyadh\/","url_meta":{"origin":606086,"position":5},"title":"Another IPO in Riyadh","author":"enterpriseam admin","date":"13 September 2023","format":false,"excerpt":"Another Saudi IPO in the cards: Saudi Arabian Airlines (aka Saudia) and Tarabot Air Cargo services will offer a 30% stake in air cargo handler Saudi Logistics Services(SAL) to the public in an IPO on the Tadawul, according to a press release. The two shareholders will offer 24 mn shares\u2026","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\/9\/900.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\/606086","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=606086"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606086\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/606079"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/606087"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=606086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=606086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=606086"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=606086"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=606086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}