‎PIF mulls IPO of ADES Holding on Tadawul by H1 2023: Report

‎PIF mulls IPO of ADES Holding on Tadawul by H1 2023: Report

The Public Investment Fund (PIF) is studying an initial public offering (IPO) of oil and gas driller ADES International Holding on the Saudi Exchange (Tadawul) by the first half of next year, Bloomberg reported, citing sources with knowledge of the matter.

The Kingdom’s sovereign wealth fund is looking to hire investment banks for a potential listing and is expected to make a decision as soon as this year.

An IPO could value the business, whose clients include Saudi Arabian Oil Co. and Kuwait Oil Co., at about $5 billion, the sources added.

The PIF seeks to raise $1 billion from the IPO. Discussions are in the early stages and no final decisions have been made.

Last July, Egypt’s Al-Borsa newspaper reported that ADES is planning to go public in Saudi Arabia by Q1 2023, Argaam earlier reported.

ADES extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middlle East and North Africa (MENA) region.

Innovative Energy owns 100% of the shares of ADES. The ownership of Innovative Energy is distributed among the Saudi Public Investment Fund (PIF) with a 32.5% stake, Zamil Investment Co. with 10%, in addition to a majority interest of 57.5% held by