Oilfield services firm ADES to raise $170 million in London IPOStaff Writer | April 24, 2017
ADES International Holding Ltd on Monday said it plans to raise up to $170.0 million by issuing new shares through an initial public offering with the aim of entering the Main Market of the London Stock Exchange in May.
Public offer ADES is based in the Dubai International Financial Centre
ADES plans to raise $170.0 million through the issue of new shares priced between $16.90 and 19.60 each.
In addition to the new shares to be issued, an existing shareholder plans to sell existing shares. The total offer will be equal to 40% of the post-capital-increase share capital, to be sold within the same price range.
ADES offers offshore and onshore contract drilling as well as workover and production services in Egypt, Algeria and Saudi Arabia. The company is pre-qualified in markets including Egypt, Saudi Arabia, Algeria, India, Mexico and the Saudi-Kuwaiti Neutral Zone.
The company has over 1,200 employees serving clients including major national oil companies such as Saudi Aramco and Sonatrach, as well as joint ventures of national oil companies with global majors including BP PLC and Eni SpA. ■