- Saudi Arabia's Public Investment Fund is looking to bring ADES International Holding to the public market with a bang, gearing up to meet with investors as soon as this month. They're aiming for a first-half listing of the oil and gas driller and plan to soon file with the Saudi regulator, all with the help of Lazard as their financial advisor.
- Any transaction could add to the already staggering $6 billion in Saudi IPOs over the past year, according to Bloomberg's data. A potential listing could assess the business – whose customers include Saudi Arabian Oil and Kuwait Oil – at roughly $5 billion and bring in around $1 billion.
Why it matters
Saudi Arabia's Public Investment Fund joined forces with the big wigs of ADES to take the company private in 2021, in a deal that made it worth an impressive $516 million. Last year, ADES acquired seven jack-up rigs for a total of $628 million in cash from Seadrill Presently, the company has 84 onshore and offshore rigs in Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, and Tunisia.
