Saudi Oil Driller Gets $76.5 Billion of Orders for $1.2 Billion IPO
- ADES prices shares at 13.50 riyals each, at top of the range
- Oil driller’s listing is Saudi Arabia’s biggest of the year
ADES intends to use part of the money from the IPO to reduce part of its debt and fund its growth strategy..
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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.