Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund, on Monday announced plans to proceed with an initial public offering (IPO) on the Saudi Exchange.
ADES said the public share sale comprises of 338,718,754 ordinary shares, resulting in a free float of 30% after the sale of a mix of existing and newly issued shares.
"Since inception, ADES has grown from a local driller operating predominantly in North Africa to one of the largest drilling operators in the Middle East and North Africa region with a fleet of 85 rigs and operations spanning seven countries," ADES Chairman Ayman Abbas said in the statement reported by Reuters.
"Our IPO will support us in continuing to deliver growth and cement our position as the leader in the jack-up drilling market in Saudi Arabia and globally," Abbas added.
Saudi Oil, Gas Driller ADES Announces IPO Plan
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Saudi Oil, Gas Driller ADES Announces IPO Plan
![Saudi Oil, Gas Driller ADES Announces IPO Plan](https://static.srpcdigital.com/styles/1037xauto/public/2023-08/313748.png)
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