PIF-Backed Oil Driller Seeks Up to $1.2 Billion in Saudi IPO (1)

ADES Holding Co.’s initial public offering, which seeks to raise as much as 4.6 billion riyals ($1.2 billion), was oversubscribed within hours of announcing the price range for what’s set to be Saudi Arabia’s largest offering this year.

The range has been set at 12.5 riyals to 13.5 riyals a share, valuing the company at as much as 15.2 billion riyals, according to a statement. The oil and gas driller is selling 237.1 million new shares in the offering, while its shareholders - Public Investment Fund, ADES Investments Holding Ltd. and Zamil Group Investment Ltd. - are selling ...