Announcement of Successful Completion of the Offering to Individual Investors for Arabian Drilling Company’s IPO
HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital in their capacity as Joint Financial Advisors, Bookrunners, and Underwriters. In addition to HSBC Saudi Arabia in its capacity as the Lead Manager on the initial public offering of Arabian Drilling Company (“ADC” or the “Company”) announces the successful completion of the Offering to Individual Investors. Each Individual subscriber will receive a minimum of five (5) shares, while the remaining shares will be allocated on a pro-rata basis based on demand size to the remaining demand with an allocation factor of 0.9534%. Fraction shares were collated and allocated one share per application starting from the highest order in descending order. The company offered 26,700,000 shares, representing 30% of the company’s capital following the capital increase, which was allocated 90% to Institutional Investors and 10% to Individual Investors.
The subscription period for Individual Investors Tranche, comprising (2,670,000) shares representing 10% of the total offering at a final Offer Price of SAR 100 per share, commenced on 18 October 2022 and ended on 19 October 2022.
Details of Individual Investor tranche:
- Number of Retail Subscribers: 497,172 subscribers.
- Number of shares offered to retail subscribers: 2,670,000 shares.
- Final Offer Price: SAR 100.
- Retail tranche coverage: 816.45%.
- Total amount of retail subscriptions: SAR 2,179,934,000.
- Minimum allocation to retail investors: five (5) shares.
- Average allocation factor of remaining retail shares: 0.9534%.
Date: 26 October 2022