Saudi-focused drilling firm ADES has begun trading on Saudi Arabia’s Tadawul after listing 30% of its shares on the exchange in the kingdom’s biggest listing of the year so-far (MEES, 1 September). The IPO valued ADES at SR15.2bn ($4.01bn) with a final pre-share offer price of SR13.5 ($3.6), raising a total of SR4.6bn ($1.22bn). The stock began trading on the Tadawul on 11 October, and has performed strongly, closing the week at SR18.1 ($4.8) per share for a market capitalization of SR20.4bn ($5.5bn).

Following the IPO, 70% of ADES remains in private hands. Of this tranche, the largest shareholdings are ADES Investments Holding (36.5%), the PIF sovereign wealth fund (23.79%) and Saudi investor Zamil Group Investment (6.7%). (CONTINUED - 164 WORDS)