ADES International Prices IPO Of Shares For US$170 Million

Published: May 09 2017
Deal Summary

ADES International Holding Ltd., a provider of oil and gas drilling and production services, priced the initial public offering (IPO) of 10,303,030 shares, at a price of US$16.5 per share, for gross proceeds of US$170 million (MM).

The company intends to list its shares on the London Stock Exchange under the symbol “ADES”.

EFG Hermes Holding Company S.A.E. and Citigroup Global Markets Limited are acting as joint book-runners; while White & Case LLP is acting as legal advisor to the company for the IPO.

The company intends to use the proceeds from the offering to fund capital expenditures related to the scale-up of the Group's operations in Egypt, Saudi Arabia and Algeria; and to fund ventures into new markets including Gulf Cooperation Council countries in the belief that this will create substantial risk-adjusted returns for shareholders.

Deal history

Pricing: On May 9, 2017, ADES International priced the IPO of 10,303,030 shares, at a price of US$16.5 per share, for gross proceeds of US$170 MM.

Planned: On April 24, 2017, ADES International intends to issue shares, at an indicate price range of US$16.5 and US$19.6 per share, for gross proceeds of up to US$170 MM, in an IPO.

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