The Arabian Drilling Company announced that the subscription was covered by 816.45%, and the value of applications for individuals amounted to about 2.18 billion riyals.
According to Arabiya Net, the offering was made for the individual segment, and a minimum of 5 shares were allocated to each individual subscriber included in the subscription application.
While the remaining shares will be allocated on a pro-rata basis based on the volume of each subscriber's request to the total remaining shares required to be subscribed, with an allocation rate of 0.9534% on a pro-rata basis.
The IPO is managed by HSBC Saudi Arabia, NCB Capital and Goldman Sachs Saudi Arabia as the financial advisors, bookrunners and underwriters, in addition to HSBC Saudi Arabia as the lead manager for the IPO of ADC.
The fractional shares were collected and allocated in descending order, starting with the highest requests, at the rate of one share for each request until its expiry.
On June 29, 2022, the Capital Market Authority approved the company's request to offer 30% of its shares for public subscription, equivalent to 26.7 million shares.
The company's offering, consisting of a total of 26.7 million shares, consists of a secondary offering of 19.89% of the company's total capital through the sale of 17.7 million shares from the existing shareholders of Arabian Drilling, namely, Tasnee and Energy Services Company TAQA and Services Petroleum Schlumberger SA, in addition to offering Initial rate of 10.11% through the issuance of 9 million new shares.
The subscription for institutions ended last week, as the offering was covered by 61 times of the total shares offered.
The value of the subscription requests received during the process of building the order book amounted to 162 billion riyals.
