The oil and gas firm ADES announced plans on Monday to be listed on the Saudi stock exchange, a development that comes on the heels of notable setbacks for Saudi stocks.
Backed by the Saudi sovereign wealth fund, ADES said it will proceed with an initial public offering (IPO) of 338,718,754 shares on the Saudi exchange, Tadawul. The offering amounts to a 30% stake in the company and consists of both newly issued and preexisting shares. ADES, Saudi Arabia’s Public Investment Fund and Zamil Group Investment will make the sale. The final price of the shares will be announced on Sept. 18, according to a press release.
ADES was listed on the London Stock Exchange in 2017, but was then taken private in 2021 by the Public Investment Fund and Zamil, a major shareholder in the company.
Bloomberg and Reuters both report that the ADES IPO could raise $1 billion.
