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MEOG: PIF hires banks for ADES IPO

Saudi Arabia’s Public Investment Fund (PIF) is reported to have hired banks to lead the initial public offering (IPO) of drilling firm ADES International on the Tadawul All Share Index (TASI), the local stock exchange.

Sources were quoted by Reuters as saying that JPMorgan, Goldman Sachs, SNB Capital – the Saudi National Bank’s investment arm – and Egypt’s EFG Hermes have been selected as joint lead managers on the listing, which is expected to attract more than $1bn when it launches next year.

A majority share in ADES was acquired by Innovative Energy in March last year with the financial backing on the PIF, ADES Investments Holding and Zamil Group Investment Co., delisting from the London Stock Exchange where it was listed in 2017. The deal valued ADES at $516mn.

The company’s focus is mainly on Egypt, but also covers Algeria and Saudi Arabia. Earlier this year, it completed the relocation of its headquarters from Egypt to Al-Khobar in Saudi Arabia’s Eastern Province.