KSA Business: Arabian Drilling IPO size to be between $641m and $712m – Gulf Digital News

KSA Business: Arabian Drilling IPO size to be between $641m and $712m – Gulf Digital News

Arabian Drilling Company, a leading oil and gas drilling contractor in Saudi Arabia, has announced the price range for its planned initial public offering (IPO), as well as the commencement of the participating entities' bidding and book-building period.

The company had on September 18 announced its intention to proceed with an IPO of 30% of its share capital. The approved red herring prospectus containing the full details of the offering was published on September 19.

The price range for the offering has been set between SR90 and SR100 per share.

The offering comprises 26,700,000 offer shares, consisting of a secondary offering of 19.89% of the company’s total share capital through the sale of 17,700,000 existing shares by the current shareholders of Arabian Drilling (The Industrialization & Energy Services Company (TAQA) and Services Pétroliers Schlumberger) and a primary offering of 10.11% through the issuance of 9,000,000 new shares.

The total offering size is expected to be between SR2,403 million ($641 million) and SR2,670 million ($712 million), implying a market capitalisation at listing between SR8,010 million ($2,136 million) and SR8,900 million ($2,373 million), the company said.

Immediately following listing, the company is expected to have a free float of 30% of the entire issued share capital of