Ades Holding, an oil and gas drilling company backed by Saudi Arabia's Public Investment Fund, received orders of approximately 286.85 billion Saudi riyals ($76.5 billion) from institutional investors for its initial public offering.
The IPO, which seeks to raise 4.57 billion riyals, drew strong demand from institutional investors and was more than 62.7 times oversubscribed, the company said on Wednesday.
The final offer price was set at the top end of the range at 13.5 riyals per share, implying a market capitalisation of 15.24 billion ($4 billion) at listing.
Ades is selling 338.7 million shares, representing 30 per cent of the company’s issued share capital through the sale of a mix of 101.6 million existing shares (held by PIF, Ades Investments and Zamil Group Investment) and 237.1 million newly issued shares.
The sale shares represent 9 per cent and the new shares represent 21 per cent of the company’s issued share capital upon completion of the offering, Ades said in a statement.
The retail subscription will last for three days, from September 26-28.
A maximum of 33.8 million ordinary shares, representing 10 per cent of the total, will be allocated to individual subscribers.
The offered shares will be listed and traded on the Tadawul stock exchange following the completion of the IPO and listing formalities with the Capital Market Authority and the Saudi Exchange, the company said.
Ades' portfolio of services primarily includes onshore and offshore contract drilling and workover services, including maintenance, repair and enhancement of oil production.
It has operations across seven countries: Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, Tunisia and India.
Operations in India will start this year on the back of already awarded contracts.
The company's key customers include Saudi Aramco – the world’s largest oil exporting company, the Kuwait Oil Company and the Qatar-based North Oil Company, which together represent more than 95 per cent of Ades' backlog as of December 31, 2022.
The company, which has a fleet of 85 rigs, said total revenue from contracts stood at 1.98 billion riyals in the first half of 2023.
The proceeds from the IPO will be distributed to Ades’ shareholders based on their shareholding in the sale shares, with the remaining proceeds used to reduce part of the group’s outstanding debt and finance its growth, the company has previously said.
EFG Hermes, Goldman Sachs, JP Morgan and SNB Capital are financial advisers and global co-ordinators for the IPO.
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
The five pillars of Islam
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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
Manchester City transfers:
OUTS
Pablo Zabaleta, Bacary Sagna, Gael Clichy, Willy Caballero and Jesus Navas (all released)
INS
Ederson (Benfica) £34.7m, Bernardo Silva (Monaco) £43m
ON THEIR WAY OUT?
Joe Hart, Eliaquim Mangala, Samir Nasri, Wilfried Bony, Fabian Delph, Nolito and Kelechi Iheanacho
ON THEIR WAY IN?
Dani Alves (Juventus), Alexis Sanchez (Arsenal)
