RIYADH: ADES Holding Co. has unveiled the pricing range for its initial public offering on the Tadawul All Share Index, with shares expected to trade between SR12.50 ($3.33) and SR13.50. The announcement marks a significant development for the Public Investment Fund-backed oil and gas drilling firm, the company said in a statement. The book-building process for this IPO is open from Sept. 10-14. In June, Saudi Arabia’s Capital Market Authority granted regulatory approval for ADES Holding to proceed with this IPO, following the company’s announcement of its intention to debut on the Kingdom’s main market in August. In a statement, the company revealed that the public share sale would comprise 338.71 million ordinary shares, resulting in a free float of 30 percent after the sale of a mix of existing and newly issued shares. In the IPO, ADES will also issue 33.87 million new shares to the firm’s employees and its subsidiaries, which shall be maintained as treasury shares until they are transferred to the employees as per the provisions of the long-term incentive scheme. After announcing its intention to proceed with an IPO, ADES CEO Mohamed Farouk said the move would further accelerate the company’s growth. “Our IPO offers international and retail investors a compelling opportunity to invest in a leading global drilling operator with a growing international footprint,” said Farouk. This development comes after ADES Investments Holding and Zamil Group Investment, in conjunction with the sovereign wealth fund PIF, took ADES private in 2021. The deal was valued at $516 million, underscoring the company’s stature and potential. Saudi Arabia’s IPO market has continued to thrive, even amid global economic uncertainties. Ernst & Young recently released a report highlighting Saudi Arabia’s leadership in the Middle East and North Africa region in IPOs. In the second quarter, Saudi Arabia witnessed four listings on Tadawul’s primary market, collectively raising an impressive $800 million. Additionally, seven listings on the parallel market Nomu garnered proceeds of $100 million, reinforcing Saudi Arabia’s prominence in the IPO arena.