Oil driller ADES updates expected timeline for its IPO
OIL AND GAS NEWS
ADES Holding Company, a leading oil and gas drilling and production services provider, has updated the expected timeline for its initial public offering (IPO) representing 30% of the company’s issued share capital.
As announced on August 28, 2023, the Offer Shares will be put up for subscription to individual investors (Individual Subscribers) and institutional investors (Participating Parties). The bidding period for Participating Parties and book-building process will run from Sunday September 10 2023, until 2:00pm KSA time of Thursday September 14, 2023, a release said.
The subscription period for Individual Subscribers will commence on Tuesday September 26, 2023, and close at 2:00pm KSA time of Thursday September 28, 2023.
Bidding period
Bidding period for Participating Parties and book-building process will be a period of five days, commencing on 10/09/2023 until 2:00pm KSA time of Thursday 14/09/2023.
Subscription period for Individual Subscribers will be a period of three days, commencing on Tuesday 26/09/2023 until 2:00pm KSA time of Thursday 28/09/2023.
Deadline for submission of subscription forms by Participating Parties based on the initial allocation of Offering shares is Tuesday 26/09/2023.
Deadline for submission of subscription forms and payment of subscription amounts for Individual Subscribers is Thursday 28/09/2023.
Deadline for payment
Deadline for payment of the subscription amounts for Participating Parties based on the number of provisionally allocated Offering shares is Wednesday 27/09/2023.
Announcement of the final allocation of the Offering shares will be no later than Wednesday 04/10/2023.
Refund of excess subscription amounts (if any) will beno later than Tuesday 10/10/2023.
Trading of the company’s shares on the Saudi Exchange is expected to commence after all relevant regulatory requirements are satisfied. Trading will be announced on the Saudi Exchange’s website (www. saudiexchange.sa).-- TradeArabia News Service
