A leading global drilling operator and Saudi Arabia’s national leader in offshore drilling
ADES Holding Company (“ADES” or the “Group”) is pleased to announce its intention to offer 30% of its share capital to the public through an IPO and listing its shares on the Main Market of the Saudi Exchange, creating opportunities for investors to participate in one of Saudi Arabia’s most prominent sectors.
The IPO of ADES comprises an offer of 338,718,754 ordinary shares, representing 30% of the Company’s issued share capital through the sale of a mix of existing shares and newly issued shares.
total offer shares
of the Company’s issued share capital (after the capital increase)
newly issued shares
offer shares will be allocated to institutional investors
offer shares to be clawed back and offered to retail investors
"Since inception, ADES has grown from a local driller operating predominantly in North Africa to one of the largest drilling operators in the MENA region with a fleet of 85 rigs and operations spanning seven countries, including India where three rigs will be operating in 2023. We are now present in the most attractive drilling markets globally and partner of choice for the largest and most reliable energy suppliers around the world. Our IPO will support us in continuing to deliver growth and cement our position as the leader in the jackup drilling market in Saudi Arabia and globally."
"ADES’ IPO on the Saudi Exchange marks an important milestone for the Company and is a key step in realising our ambitious growth strategy. Our extensive track record of operational excellence and successful growth, underpinned by our high-quality client relationships, resilient business model and solid backlog, means we are well positioned to deliver strong returns to shareholders. Our IPO offers international and retail investors a highly compelling opportunity to invest in a leading global drilling operator with a growing international footprint."
in 7 countries
total backlog as of 30 June 2023G
rate for the year ended 31 December 2022G
total revenue from contracts with customers in H1 2023G (SAR 2.5 billion in FY 2022G)
in H1 2023G (42.5% in 2022G)
total recordable injury rate for 2022G (compared to IADC 2022 average rate of 0.67)
Leading global drilling operator focused on the most attractive and resilient drilling markets with a growing global footprint
Decades of experience across the value chain
Dr. Mohamed Farouk
Fadi Al Said
Muteb Al Shathri
Abdulrahman Al Zamil
Dr. Mohamed Farouk
Group CEO & Vice Chairman
Chief Financial Officer
Group General Counsel
Vice President - Saudi Arabia
Global Director of Safety, Health,
Environment and Risk Management
and Strategy Officer
Vice Chairman of the Company
for Asset Management
Chief Human Resources Officer
Wissam Al Adany
Chief Information Officer
Supply Chain Management
Intention to Float
Price Range Announcement and Institutional Book Building
Final price announcement
Retail Subscription period
Announcement of the final allocation of the Offer Shares
Refund of excess subscription amounts (if any)
On 21 June 2023, the Capital Market Authority (“CMA”) approved the Company’s application for registering its share capital and Offering of 338,718,754 ordinary shares of the Company’s total capital by way of sale of 101,615,626 existing shares (the “Sale Shares”) by ADES Investments Holding Ltd., the Public Investment Fund (“PIF”) and Zamil Group Investment Ltd. (in proportion to their existing shareholding), together referred to as (the “Selling Shareholders”), and the issuance of 237,103,128 new shares (the “New Shares”) (referred to with the Sale Shares as the “Offer Shares” and each as an “Offer Share”) through a capital increase.
The Sale Shares represent 9% and the New Shares represent 21% of the Company’s issued share capital upon completion of the Offering, totalling 30% of the issued share capital (after issuance of the New Shares and the Company’s capital increase).
Please contact one of the selling agents listed below: SNB Capital Company (Lead Manager), Goldman Sachs Saudi Arabia, EFG Hermes Saudi Arabia and J.P. Morgan Saudi Arabia, as the Financial Advisors and Global Coordinators, or one of the Bookrunners (EFG Hermes Saudi Arabia, Goldman Sachs, J.P. Morgan Saudi Arabia, SNB Capital, GIB Capital, HSBC Saudi Arabia, Al Rajhi Capital and Saudi Fransi Capital) who can advise you on the process to invest. You may download the prospectus from the downloads section on this webpage for more details. We also recommend discussing your investment related queries with your financial advisor.
Subscription to the offer is available to: (1) Participating Parties: This tranche comprises the parties entitled to participate in the book-building process as specified under the Book-Building Instructions; and (2) Individual Subscribers: This tranche comprises Saudi Arabian nationals, in addition to any non-Saudi natural person who is resident in the Kingdom and any GCC natural person, provided they have a bank account with one of the Receiving Entities and an active stock portfolio with an affiliated Capital Market Institution. You may download the prospectus from the downloads section on this webpage for more details.
The final price of the share will be set after the institutional book-building process is complete.