ADES Holding Company, a prominent oil and gas drilling and production services provider, has revised the expected timeline for its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul). The IPO will represent 30% of the company's issued share capital.
The new schedule was announced on Thursday, after the company initially disclosed its intent to float 30% of its issued share capital on August 28, 2023. As per the revised schedule, the price range for the IPO will be disclosed on Sunday, September 10, 2023. The bidding period for participating parties and book-building process will commence on the same day and continue until Thursday, September 14, 2023.
The subscription period for individual investors will begin on Tuesday, September 26, 2023, and conclude at 2:00pm KSA time on Thursday, September 28, 2023. Participating parties must submit their subscription forms based on the initial allocation of offering shares by Tuesday, September 26, while the deadline for payment based on the number of provisionally allocated offering shares is Wednesday, September 27.
The final IPO price announcement by ADES Holding is slated for Wednesday, September 20, 2023. The final allocation of the IPO shares will be disclosed no later than Wednesday, October 4, with refunds of excess subscription amounts, if any, to be completed by Tuesday, October 10.
Earlier this year on June 21, the Capital Market Authority (CMA) approved ADES Holding's application for registering its share capital and offering of 338.71 million ordinary shares. Trading of the company’s shares on Tadawul is expected to commence after all relevant regulatory requirements are satisfied and will be announced on Tadawul's website.
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