‎Saudi PIF hires banks for ADES IPO: Report

‎Saudi PIF hires banks for ADES IPO: Report

Saudi Arabia's Public Investment Fund (PIF) selected JPMorgan, Goldman Sachs, Saudi National Bank's investment banking arm and Egypt-based EFG Hermes as joint lead managers for the initial public offering (IPO) of oil and gas driller ADES International Holding, Reuters reported, citing the sources.

The sovereign wealth fund is studying to offer ADES on the Saudi Exchange (Tadawul) in the first half of 2023, according to data available with Argaam.

The IPO could value the business at about $5 billion. The PIF seeks to raise $1 billion from the IPO.

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

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

For More IPOs