2023-09-26 04:35:00
It lasts for 3 days
Dubai – Al Arabiya.net
Published on: September 26, 2023: 08:35 AM GST Last updated: September 26, 2023: 12:04 PM GST
Individual subscription to the offering of Addis Arabia Holding Company shares on the main Saudi market begins today, Tuesday, September 26, 2023 AD, and ends Thursday, September 28, 2023 AD.
The size of Addis Holding’s offering to individual investors is regarding 33.87 million shares, and the final offering price is 13.5 riyals per share.
Addis Holding identified the recipients as the National Bank of Saudi Arabia, Al Rajhi Bank, and Riyad Bank, in addition to the Arab National Bank.
All individual investors wishing to subscribe must have an active share portfolio with one of the financial market institutions affiliated with the receiving entity through which they wish to subscribe.
Addis Holding had set the final price for the shares in the initial public offering, which implied an estimate of more than 15.242 billion riyals ($4.06 billion) for the Saudi company backed by the Public Investment Fund, the kingdom’s sovereign wealth fund.
The process of building the order book ended with a total coverage of 62.7 times, when the total value of orders from institutions reached regarding 286.85 billion riyals (76.49 billion riyals).
Addis Holding is expected to raise regarding $1.22 billion from the sale of more than 338.7 million existing and new shares, or regarding 30% of its issued capital following the capital increase.
The final allocation of shares will take place no later than October 4th. A date for the start of stock trading has not yet been set.
Addis Holding is headquartered in Al-Khobar, Saudi Arabia, and operates a fleet of offshore and onshore drilling rigs in the Middle East, North Africa and India. The company’s most important clients include Saudi Aramco, Kuwait Oil Company, and North Oil Company in Qatar.
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