Riyadh – Mubasher: Arabian Drilling Company unveiled its intention to proceed with an initial public offering (IPO) and listing on the Main Market of the Saudi Exchange (Tadawul).
The Saudi Capital Market Authority (CMA) approved on 29 June 2022 the company’s application for the IPO of 26.70 million ordinary shares, representing 30% of the company’s share capital post-listing, according to a press release on Sunday.
The offer price per share will be determined following a book-building period starting on 28 September 2022 until 5 October 2022.
HSBC Saudi Arabia, SNB Capital Company, and Goldman Sachs Saudi Arabia were hired as Joint Financial Advisors, Bookrunners, and Underwriters to the offering, while HSBC Saudi Arabia was appointed to act as Lead Manager to the offering.
Established in 1964, the Saudi oilfield services firm is a partnership between the Industrialization & Energy Services Company (TAQA) and Services Petroliers Schlumberger S.A.
