Saudi’s ADES Prices IPO At Over $4 Billion Valuation

Saudi Arabia’s PIF-backed oil and gas driller ADES Holding has set the final price for its initial public offering (IPO) at the top-end of the set range, implying a valuation of 15.242 billion riyals ($4.06 billion). Last week, Reuters reported that the IPO was expected to be priced at around 13.50 riyals a share, again the top-end of a previously announced range. The IPO, the second on the Saudi Exchange this year, is expected to raise ~$1.22 billion from the sale of more than 338.7 million existing and new shares,…