Saudi Arabia’s sovereign wealth fund, ADES Investments Holding Ltd. and Zamil Group Investment Ltd. plan to sell shares in oil and gas driller Ades International Holding in a local initial public offering, set to be one of the kingdom’s biggest this year.
The offering will consist of 338.7 million shares, or a 30% stake in the company, which will include the issuance of 237.1 million new shares through a capital increase, according to a statement on Monday. The final offer price will be announced on Sept. 18 after a book-building process. The IPO could raise about $1 billion, Bloomberg has reported.
The Public Investment Fund teamed up with the major owners of Ades to take the business private in 2021, in a deal valuing the company at about $516 million. Ades, which provides oil-and-gas drilling and production services in the Middle East and North Africa, has since grown through acquisitions.
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