EFG Holding closes advisory on ADES’ IPO on Saudi Tadawul
Updated 10/11/2023 11:05:00 AM
Arab Finance: EFG Holding has wrapped up advisory on the landmark SAR 4.572 billion initial public offering (IPO) of ADES Holding on the Saudi Exchange (Tadawul), according to a press release on October 11th.
Under the IPO, the firm offered a total of 30% of its issued share capital, equivalent to 338.718 million shares at SAR 13.5 per share, with the existing shares accounting for 9% and the new shares representing 21% upon the offering’s completion.
"We have once again cemented our position as a leader in seamlessly facilitating high-profile, breakthrough transactions that leave a long-lasting positive impact on the kingdom’s – and the region’s – economic landscape, as we continue to leverage our global distribution network and world-class research capabilities that consistently raise the bar in the Saudi market," Managing Director, Deputy Head of Investment Banking at EFG Holding Mohamed Abou Samra, stated.
Strong demand for shares of the IPO from domestic, regional, and international investors totaled SAR 286.9 billion, with the total book being covered almost 62.7 times.
The firm started trading on Wednesday, October 11th, under the symbol 2382.
ADES is a leading oil and natural gas drilling and production services provider in the Middle East and North Africa (MENA) region.
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