‎ADES International eyes IPO on Tadawul in Q1 2023

‎ADES International eyes IPO on Tadawul in Q1 2023

ADES International Holding Co. seeks to offer its shares on the Saudi Exchange (Tadawul) during the first quarter of 2023, in an IPO expected to be valued at about $1 billion, sources told Alborsa newspaper.

The company is currently appointing an investment bank as a manager of the offering on Tadawul. It is currently considering offers submitted by about four to five alliances of investment banks, including Citigroup, SNB Capital and EFG-Hermes, according to the sources.

The sources added that, once a legal financial adviser is appointed for the offering, an agreement will be made on the percentage to be offered by the company on the exchange.

The IPO's is particularly significant as Saudi Arabia contributes about 54% of ADES Internationals revenues, said the sources, adding that the offering will boost expansions, especially amid the ongoing developments in the global oil market.

Innovative Energy owns 100% of the shares of ADES International Holding, while the ownership of Innovative Energy is distributed among the Saudi Public Investment Fund with a 32.5% stake, Zamil Investment Company with 10%, in addition to the majority share of 57.5% of ADES Investments Holding Company owned by Intergroup, according to Argaam's available data.

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