Clifford Chance and AS&H Advised on Historic ADES IPO
Clifford Chance, a leading global law firm, and its Saudi Arabian joint venture partner, Abuhimed Alsheikh Alhagbani Law Firm
Clifford Chance and AS&H Advised on Historic ADES IPO Clifford Chance, a leading global law firm, and its Saudi Arabian joint venture partner, Abuhimed Alsheikh Alhagbani Law Firm (AS&H), advised ADES Holding Company on its landmark SAR 4.6 billion (approximately US$1.2 billion) initial public offering (IPO). The IPO, which was the largest in the MENA region in 2023, gave ADES...
Clifford Chance and AS&H Advised on Historic ADES IPO
Clifford Chance, a leading global law firm, and its Saudi Arabian joint venture partner, Abuhimed Alsheikh Alhagbani Law Firm (AS&H), advised ADES Holding Company on its landmark SAR 4.6 billion (approximately US$1.2 billion) initial public offering (IPO).
The IPO, which was the largest in the MENA region in 2023, gave ADES an implied market capitalisation of SAR 15.2 billion (around US$4.1 billion) upon listing. The shares of ADES were successfully listed on the Saudi Exchange (Tadawul) on October 11, 2023.
The IPO included an international institutional investor segment under Regulation S of the U.S. Securities Act of 1933. Over 90 per cent of the IPO proceeds were raised from domestic and international institutional investors, with the remainder coming from Saudi retail investors. The IPO was oversubscribed by 62.7 times, attracting a total demand of SAR 286.9 billion (approximately US$76.5 billion), a testament to its appeal.
ADES Holding Company is a leading provider of oil and gas drilling services in the Middle East and North Africa (MENA) region, operating in seven countries - Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, Tunisia, and India. ADES specialises in onshore and offshore contract drilling and workover services, which help to maintain, repair, and enhance oil production.
The Clifford Chance Frankfurt team was led by partner George Hacket, with support from counsel Axel Wittmann, senior associate Andrei Manea, and associate Maks Mencin.
The AS&H Clifford Chance team was led by partners Mansoor Alhagbani (head of the capital markets and financial regulatory practice) and Omar Rashid. Senior associate Rakan Kawar and associate Jomana Alkathiri were the lead associates, supported by associates Abdulrahman Alkhudairy, Aljazi Alhagbani, Ibrahim Al-Mansour, Aljoahra Bin Ahmed, Noura Alassaf, and Yara Abushanan (all Riyadh-based).