ADES Holding Co.’s initial public offering is expected to price at the top of the range and raise $1.2 billion in what’s set to be Saudi Arabia’s biggest listing of the year.
The share sale is expected to price at 13.50 riyals apiece and books are significantly oversubscribed at that level, according to terms of the deal seen by Bloomberg. The final price is set to be announced on Sept. 20.
That indicates strong investor demand in what’s been one of the world’s IPO hot spots over the past two years, and could potentially help encourage the government to move ahead with plans for a secondary offering of shares in Saudi Aramco.
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