Arabian Drilling unveils price range for IPO on Tadawul

Riyadh – Mubasher: Arabian Drilling Company set the price range of its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at SAR 90-100 per share.

The Saudi company plans to offer 26.70 million ordinary shares, accounting for 30% of the capital following a raise process, according to a recent bourse filing.

The total offering shares consist of a secondary offering through the sale of 17.70 million existing shares owned by Saudi Arabia’s Industrialization & Energy Services Company (TAQA) and Services Pétroliers Schlumberger, in addition to a primary offering through the issuance of 9 million shares.

HSBC, Goldman Sachs, and SNB Capital act as the joint financial advisors, book-runners, and underwriters for the potential offering.

Arabian drilling expected the total Offering size to reach between SAR 2.40 billion ($641 million) and SAR 2.67 billion ($712 million). This would imply a market capitalisation at listing between SAR 8.01 billion ($ 2.13 billion) and SAR 8.90 billion ($2.37 billion).

Meanwhile, the bidding and book-building period for investors will take place during the period from 28 September until 5 October 2022, after which the final IPO price will be determined.

Last June, the Capital Market Authority (CMA) approved Arabian Drilling’s IPO on Tadawul.

Mubasher Contribution Time: 28-Sep-2022 14:27 (GMT)
Mubasher Last Update Time: 28-Sep-2022 14:27 (GMT)