Oil driller ADES Holding Co. drew 286.9 billion riyals ($76.5 billion) in orders for its $1.2 billion initial public offering in Saudi Arabia, the country’s biggest of the year.
ADES, which is backed by the kingdom’s sovereign wealth fund, priced the IPO at 13.50 riyals per share, the top of the range, according to a statement on Wednesday. That values that company at $4.1 billion.
The demand level represents a subscription rate of almost 63 times, indicating strong demand for the IPO in a market that’s been relatively quiet compared with last year. Lumi Rental Co. also drew orders of about $27 billion for its $290 million listing this month.
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