Saudi Arabia’s Ades International Holding is set to list in Riyadh, a deal that’s set to be the kingdom’s largest initial public offering this year, according to reports.
Ades provides oil-and-gas drilling and production services in the Middle East and North Africa. The company has grown through acquisitions after the PIF and its majority owners teamed up to take the business private in 2021. That deal valued the company at about $516 million.
The PIF, ADES Investments Holding Ltd. and Zamil Group Investment Ltd. plan to sell shares in the listing, according to a statement on Monday as reported in Bloomberg. The offering could raise about $1 billion, Bloomberg has reported.
The company had initially planned to go public in the first half of the year but decided to wait.
Saudi Arabia’s IPO market has cooled after a hot year in 2022, Bloomberg’s data show. Less than $900 million has been raised through listings in the kingdom this year, an 82% drop from a year ago.
