SNB Capital, a leading regional financial institution, proudly announces the completion of its advisory on the initial public offering (IPO) of ADES Holding Company (ADES), an oil drilling giant backed by the Public Investment Fund (PIF), on the Saudi Exchange Tadawul.

SNB Capital advised on the Kingdom’s biggest IPO in 2023 for ADES, worth SAR 4.57 billion and 62 times oversubscribed. The pioneer investment bank acted as the lead manager, financial advisor, book-runner, global coordinator, and underwriter.

"We are thrilled to announce the completion of ADES’ IPO on Tadawul today,” stated Zaid Ghoul, Head of Investment Banking at SNB Capital. “SNB Capital and ADES have worked closely on ensuring a seamless IPO listing on Tadawul. The significant 30% surge in ADES’ share price reflects the dynamism of the Kingdom’s capital markets, in contrast to a slowdown in investment globally. Against the backdrop of the Kingdom’s economic renaissance, this transaction offers clear evidence that local, regional, and global investors’ increasingly view the Kingdom’s as a compelling and high-value investment opportunity.”