Arabian Drilling Company announced on 28 September that the price range for its IPO has been set between SAR 90-100 ($23.96-26.62) per share. As a result, the firm says that “total offering size is expected to be between SAR 2,403 million ($641mn) and SAR 2,670 million ($712mn), implying a market capitalization at listing between SAR 8,010 million ($2.14bn) and SAR 8,900 million ($2.37bn).”
The planned IPO was confirmed on 18 September (MEES, 23 September), and Arabian Drilling says that the final share allocations will be announced on 25 October. A total of 30% of the firm is to be listed on the Tadawul, but no date has been set for the start of trading. The proceeds are earmarked to fund an ambitious expansion program in order to capitalize on Saudi Aramco’s 1mn b/d crude oil capacity expansion project. (CONTINUED - 131 WORDS)