RIYADH – 4 October 2023 – ADES Holding Company (“ADES”, the “Group” or the “Company”), a leading oil and gas drilling and production services provider in the Middle East and North Africa region (the “MENA” region), today announces the successful completion of the offering period for retail investors (“Retail Subscription Period”) for the Company’s initial public offering (“IPO” or the “Offering”).

The retail subscription process, comprising of a maximum of 33,871,875 shares representing 10% of the total Offer Shares, commenced on Tuesday, 11/3/1445H (Corresponding to 26/09/2023G) and ended at 2pm on Thursday, 13/3/1445H (Corresponding to 28/9/2023G). It witnessed participation of 1,307,676 subscribers, indicating a coverage of 9.83 times, with a total demand of SAR 4,499 million (USD 1,200 million)[1]. Individual Subscribers will receive a minimum of 10 shares each, while the remaining shares will be allocated on a pro-rata basis for the remaining demand with an average allocation factor of 6.4951%.

The Final Offer Price for the Offering has been set at SAR 13.50 per share, implying a market capitalization of SAR 15,242 million (USD 4,065 million) at listing. The book-building process for institutional investors (“Participating Parties”) ended with a subscription coverage of 62.7 times, with recorded orders of approximately SAR 286,853 million (USD 76,494 million). Based on the results of the retail subscription process, the shares allocated to Participating Parties will be reduced to 304,846,879 Offer Shares, representing 90% of the total Offering.