Mena-focused oil and gas drilling firm ADES Holding is to be listed on Saudi Arabia’s Tadawul stock exchange through an IPO of 30% of its shares. In a 28 August announcement, the firm said that the IPO comprises an offer of 338,718,754 ordinary shares which represent 30% of the company’s issued share capital through the sale of existing shares and newly issued shares.

ADES says that a price range announcement will be made, alongside the start of institutional book building, on 10 September, followed by a final price announcement on 18 September. Final allocation of shares is scheduled for 28 September, with shares then expected to start trading on the Tadawul shortly after. (CONTINUED - 906 WORDS)