Arabian Drilling Company, a Saudi Arabian oilfield services company, raised $712 million from the sale of a 30 per cent stake in an initial public offering amid strong interest from retail investors.
More than 497,170 retail investors subscribed to the public float, which generated demand of 2.18 billion Saudi riyals ($580m).
The company had previously said that 90 per cent of the offering would be allocated to institutional buyers, leaving 10 per cent for retail investors.
In September, the Al Khobar-based company – owned jointly by Saudi Arabia's Industrialisation and Energy Services Company (TAQA) and US-based oilfield services provider Schlumberger – said it had set the final offer price at the top end of the range of 100 riyals per share, which would value it at 8.9bn riyals at listing.
Arabian Drilling, which has a rig count of 45 and serves four key customers in the kingdom, including Saudi Aramco, expects high demand for its services amid the elevated commodity price environment and concerns around energy security as a result of the current macro-political and economic landscape.
Brent crude, the benchmark for two thirds of the world’s oil, surged to a record high of $140 a barrel following Russia’s invasion of Ukraine in February. Crude markets have been tight since the Opec+ group of oil producing countries announced a 2 million barrels-per-day supply cut earlier this month.
Oil markets are now closely watching how a price cap on Russian oil will be enacted by the Group of Seven nations. The cap, which is meant to reduce revenue for Russia’s government, is expected to come into effect on December 5.
Brent crude is currently trading at around $91 a barrel and could hit $100 by the end of the year, according to some investment banks.
“Global investors have come to recognise the significant and integral role we play ― and will continue to play ― in the oil and gas value chain in the kingdom,” said Ghassan Mirdad, chief executive of Arabian Drilling, in a statement earlier this month.
“The investment case is robust and the demand for our shares has ensured a successful institutional fundraising phase.”
Arabian Drilling is the latest company to list on regional equity markets this year.
While capital markets in the US and Europe have slumped amid inflation woes and fears of a looming recession, equity markets in the GCC and broader Mena region have had a flurry of IPOs.
Saudi-based Power and Water Utility Company for Jubail and Yanbu, better known as Marafiq, said it is pushing ahead with plans to list its shares on the Tadawul.
Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, surged as much as 20 per cent on its first day of trading after raising $2 billion in Abu Dhabi’s biggest listing.
The Mena region recorded a 500 per cent annual increase in the number of listings in the first six months of this year, with 24 IPOs raising $13.5bn, according to an EY report. In the second quarter of 2022, nine IPOs raised about $9bn.
Globally, 630 IPOs raised $95.4bn in proceeds during the first half of the year, which is a significant annual drop of 46 per cent in the number of deals and a 58 per cent slump in the proceeds raised, the report said.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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ROUTE%20TO%20TITLE
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Results
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More from Rashmee Roshan Lall
HAJJAN
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If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
MATCH INFO
What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Everton%20Fixtures
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Mohammed bin Zayed Majlis
Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
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