Public Investment Fund (PIF) is considering an initial public offering (IPO) of oil and gas driller ADES International Holding by the first half of next year, as it accelerates efforts to raise billions of dollars for new investments, Bloomberg reported.
PIF is considering hiring investment banks for a potential listing and is expected to make a decision as soon as this year. Bloomberg said that the IPO could value the business at $5 million, whose clients include Saudi Aramco and Kuwait Oil Co, with joint ventures with global majors including BP and Eni.
The listing on the local bourse in Riyadh could raise more than $1 billion but deliberations are still in the early stages and no final decisions have been made.
ADES Group was ranked as one of the top service companies in Oil & Gas Middle East’s Top 25 OFS companies, which was released last month.
A potential listing of ADES follows the $710 million IPO this month of Arabian Drilling Co., a Saudi oilfield-services firm partly held by SLB, formerly Schlumberger.