Shares of oil and gas driller ADES Holding climbed almost 30% above its listing price on its market debut in Riyadh on Wednesday after raising $1.22 billion in an initial public offering last month, according to Reuters.
Ades says it is the world’s leading provider of jackup rigs to the oil and gas industry, operating a wide range of drilling units. ADES is part-owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund. Headquartered in the Saudi Arabian city of Khobar, ADES operates a fleet of offshore and onshore rigs across the Middle East, North Africa and India.
The shares outperformed the wider Saudi market, which slid 0.1%, continuing turbulence following the terrorist attack from Hamas in Israel over the weekend.
According to Reuters, ADES shares rose as much as 17.54 riyals ($4.68) in early trade on the Saudi Exchange, against an IPO price at the top of the indicative range at 13.50 riyals a share.
The company counts Saudi Aramco, Kuwait Oil Co and North Oil Company in Qatar as major clients.
