The Clap
Arabian Drilling intends to offer its shares to the public in an IPO, listing its ordinary shares on Saudi Tadawul, the main Saudi stock exchange.
The Deets
The offering requires selling 17.7 million shares of Arabian Drilling, a 19.89% stake of its capital, after the offering. An additional 9 million shares, which is around 10.11% of the company’s capital, will be issued after the offering.
Involved Parties
HSBC Saudi Arabia, SNB Capital, and Goldman Sachs Saudi Arabia are acting as financial advisors and underwriters for Arabian Drilling’s IPO.
Arabian Drilling
The company’s ownership structure is divided between The Industrialization & Energy Services Company (TAQA) which holds 51% and Schlumberger which holds 49%.
It owns a fleet of 45 drilling rigs, making it the main provider in the drilling sector within KSA.
What Now
The final offering price will be determined at the end of the book-building period, which will run from September 28 to October 5, 2022.
The subscription door will open on October 18, and run until October 19, 2022.
Why this Matters
The company will use the proceeds of the offering to fund its growth locally and in the Gulf.
Arabian Drilling planning an IPO 📈
