KAUST’s new strategy to accelerate Saudi Arabia’s sustainability drive: top official

KAUST’s new strategy to accelerate Saudi Arabia’s sustainability drive: top official

RIYADH: ADES Holding Co. has unveiled the pricing range for its initial public offering on the Tadawul All Share Index, with shares expected to trade between SR12.50 ($3.33) and SR13.50.

The announcement marks a significant development for the Public Investment Fund-backed oil and gas drilling firm, the company said in a statement.

The book-building process for this IPO is open from Sept. 10-14. 

In June, Saudi Arabia’s Capital Market Authority granted regulatory approval for ADES Holding to proceed with this IPO, following the company’s announcement of its intention to debut on the Kingdom’s main market in August.

In a statement, the company revealed that the public share sale would comprise 338.71 million ordinary shares, resulting in a free float of 30 percent after the sale of a mix of existing and newly issued shares.

In the IPO, ADES will also issue 33.87 million new shares to the firm’s employees and its subsidiaries, which shall be maintained as treasury shares until they are transferred to the employees as per the provisions of the long-term incentive scheme. 

After announcing its intention to proceed with an IPO, ADES CEO Mohamed Farouk said the move would further accelerate the company’s growth. 

“Our IPO offers international and retail investors a compelling opportunity