Addis, the global holding company for oil and gas exploration services in Riyadh, is planning an initial public offering next year, with underwriting expectations expected to raise more than $1 billion.
Two sources told Reuters that ADES International Holding has named JP Morgan, Goldman Sachs, the investment banking arm of the National Bank of Saudi Arabia, and Egypt’s EFG Hermes to handle the offer.
ADES International was listed on the London Stock Exchange in 2017. Saudi public investment fund Last year with the company’s two largest shareholders, ADES Investments Holding and Zamil Group, to acquire it.
The deal valued ADES International Holding at $516 million at the time.
The EDES website says its clients include oil giant Saudi Aramco and Kuwait Oil Company, as well as domestic oil company joint ventures with international companies including BP and Eni.
The company owns a fleet of 84 offshore and onshore drilling rigs in 6 markets: Saudi Arabia, Kuwait, Qatar, Egypt, Algeria and Tunisia.
The Public Investment Facility, which manages more than $600 billion in assets, is reducing its holdings in some of the companies it owns to feed its capital back into new investments.
Earlier this month, the fund raised $610 million from the sale of a 10% stake in Saudi Tadawul Group, the owner and operator listed on the Saudi Stock Exchange, through an offering of an accelerated book-building scheme.
