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PIF-backed oil driller jumps 21% after year s biggest Saudi IPO

PIF-Backed Oil Driller Jumps 21% After Year s Biggest Saudi IPO

PIF-Backed Oil Driller Jumps 21% After Year s Biggest Saudi IPO
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Saudi Arabia s SAL Logistics seeks to raise $678m from IPO

PIF-backed ADES gets $76 5bn in orders for Riyadh IPO

ADES set the final offer price for the offering at SAR13.50 per share, implying a market capitalisation of SAR15.2bn at listing

ADES Prices IPO at Top End

Saudi oil and gas driller ADES Holding said it has set the final price for its initial public offering (IPO), implying a valuation of $4.06 billion for the Saudi sovereign wealth fund-backed firm. Last week, Reuters reported that the IPO was expected to be priced at SR13.50 a share, the top end of a previously announced range. The oil and gas exploration company is offering 237.1 million new shares for subscription, while its shareholders, the PIF, ADES Investments Holding, and Zamil Group Investment, are selling about 101.6 million shares.

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