‎Retail subscription begins today to 33.87 mln ADES shares on TASI

‎Retail subscription begins today to 33.87 mln ADES shares on TASI

Individual investors will start today, Sept. 26, subscribing to 33.87 million shares of ADES International Holding Co. at SAR 13.50 each (SAR 1 par value), as set by the book-building process.

The retail subscription will run for three days till Sept. 28, the company added.

In June, the Capital Market Authority (CMA) approved the application received from ADES to float 338.72 million shares of its post-IPO capital on the Saudi Exchange (Tadawul).

The offer will comprise 101.62 million shares held by ADES Investment Holding Ltd., Public Investment Fund (PIF) and Zamil Investment Co. (according to their current ownership stakes). This is in addition to the issuance of 237.10 million new shares through capital hike.

The institutional offering closed last week after being 63x covered. The total value of orders during the book-building process reached nearly SAR 286.9 billion.

ADES’s initial public offering (IPO) is the sixth share sale on the main market (TASI), following that of Morabaha Marina Financing Co. (MRNA) and Al Mawarid Manpower Co. on May 28, as well as the offerings of Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) and First Milling Co. (First Mills) on June 6, prior to Lumi Rental Co. on Sept. 12.

Last year, 18 companies went public on TASI,