ADES International delays IPO on Tadawul until H2 2023

Logo of ADES International Holding Co.

ADES International Holding Co. delayed its potential IPO on the Saudi Exchange (Tadawul) until the second half of the year, Bloomberg reported, citing sources familiar with the matter.

The oil and gas driller planned to start the evaluation procedures in March, but decided to postpone them to make sure the time is appropriate for the subscription that is estimated at nearly one billion dollars, the sources said.

According to data available with Argaam, the Public Investment Fund (PIF) is studying an IPO of ADES International on Tadawul in the first half of 2023.

ADES International is an oil and gas drilling and production services provider in the Middle East. 

Innovative Energy owns 100% of ADES shares. The ownership of Innovative Energy is distributed among the PIF with a 32.5% stake, Zamil Investment Co. with 10%, in addition to a majority interest of 57.5% held by ADES Investments Holding Co.

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