Announcement of the Price Range and Start of Institutional Book-building Period for the Initial Public Offering of Arabian Drilling Company (ADC)
HSBC Saudi Arabia, Goldman Sachs Saudi Arabia, and SNB Capital in their capacity as Joint Financial Advisors, Bookrunners, and Underwriters on the potential initial public offering of Arabian Drilling Company (“ADC” or the “Company”) announce on behalf of the Company the Price Range, as well as the commencement of the institutional book-building period; as per the following details:
- The Price Range for the Offering has been set at SAR (90 – 100) per share (the “Price Range”).
- The Offering is comprised of twenty-six million seven hundred thousand (26,700,000) ordinary shares (the “Offer Shares”), representing 30% of ADC’s share capital following the capital increase, by way of (i) the sale of seventeen million seven hundred thousand (17,700,000) existing shares by The Industrialization & Energy Services Company (“TAQA”) and Services Pétroliers Schlumberger S.A (a subsidiary of Schlumberger Limited) (collectively, the “Selling Shareholders”) (“Sale Shares”); and (ii) the issue of nine million (9,000,000) new shares (“New Shares”).
- The participation in the book-building process is confined to the Participating Entities in accordance with the Instructions for Book-building Process and Allocation Method in Initial Public Offerings issued by the Board of the Capital Market Authority.
- The final price per Offer Share will be determined after the completion of the book-building process, to be followed by the Individual Investors subscription process, the number of Offer Shares to be provisionally allocated to Participating Entities is twenty-six million seven hundred thousand (26,700,000) Offer Shares, representing 100% of the total Offer Shares. Final allocation of the Offer Shares will be made after the end of the subscription period for Individual Investors. In the event that Individual Investors subscribe for all the Offer Shares allocated thereto, the Bookrunners shall have the right to reduce the number of shares allocated to Participating Entities to a minimum of twenty-four million thirty thousand (24,030,000) Offer Shares, representing 90% of the total Offer Shares.
- Bidding and book-building period for Participating Entities starts on Wednesday 28 September 2022 and ends on 5 October 2022.
- For more information and for the prospectus, please visit the Capital Market Authority website (www.cma.org.sa), and ADC website (https://arabdrill.com).
Date: 28 September 2022