EFG Holding to advise on ADES’ IPO on Saudi Tadawul
Updated 8/29/2023 8:07:00 AM
Arab Finance: EFG Hermes Saudi Arabia, the subsidiary of the Egyptian investment bank EFG Holding, has been appointed as one of the financial advisors on ADES’ anticipated initial public offering (IPO) on the Saudi Exchange (Tadawul), according to a press release sent to Arab Finance on August 28th.
The company will advise on the IPO along with Goldman Sachs Saudi Arabia, J.P. Morgan Saudi Arabia, and SNB Capital Company, and other global coordinators.
SNB Capital will act as the lead manager of the offering, with Hermes, Goldman Sachs, J.P. Morgan, GIB Capital, HSBC Saudi Arabia, Al Rajhi Capital, and Saudi Fransi Capital serving as bookrunners and underwriters.
Moreover, Lazard Financial Advisory has been hired as independent financial advisor (IFA) to ADES.
Under the IPO, the firm will float a total of 30% of its share capital, with the sale shares accounting for 9% and the new shares representing 21% of the issued share capital upon the offering’s completion.
The offer's final price will be revealed on September 18th, as per the press release.
The selling stockholders are ADES Investments Holding Ltd., the Public Investment Fund (PIF), and Zamil Group Investment Ltd.
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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