100 riyals per share, the offering price of "Arab Drilling"

The final offering price of the Arabian Drilling Company was set at 100 riyals per share.

According to Arabiya Net, the company clarified that the market value of the company upon listing will be 8.9 billion riyals ($2.4 billion) based on this price.

The financial advisors for the public offering (Goldman Sachs Saudi Arabia, HSBC Saudi Arabia and Al-Ahly Capital) announced the successful completion of book building for the participating classes.

She added that the value of the subscription requests received during the process of building the order book amounted to 162 billion riyals ($43 billion), with a total coverage of the amount of shares offered by about 61 times, according to the final price.

On September 28, the financial advisors and IPO managers set the price range between 90 and 100 riyals per share.

The public offering of the Arab Drilling Company amounted to 26.7 million shares, and it consisted 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, the Industrialization and Energy Services Company (TAQA), Services Petroleum Schlumberger SA, As well as an initial offering of 10.11% through the issuance of 9 million new shares.

The period for individuals to subscribe to 10% of the total offering shares (equivalent to 2.76 million shares) will start from October 18 to October 19, 2022.

The CEO of the Arabian Drilling Company, Ghassan Mirdad, said that the company plays a pivotal and integrated role in the value chain within the oil and gas sector in Saudi Arabia, as this was evident to investors from around the world.

He added: We are still witnessing a high demand for our services, especially amid the high prices of products and commodities, and concerns related to energy security as a result of the current macroeconomic and political scene.

Mirdad stressed that there is a strong investment momentum, noting that the high levels of demand for the company's shares ensured the success of the book building process for the participating classes.

He said: We are now looking forward to the next step of the offering process for individual subscribers, whom we consider to be major shareholders and constitute an important component of the offering process.