Mansoor Alhagbani_Omar Rashid

AS&H Clifford Chance Advises ADES on Landmark $1.2 Billion IPO 

Global law firm Clifford Chance has served as issuer’s counsel for ADES Holding Company in its historic SAR 4.6 billion (approximately US$1.2 billion) initial public offering (IPO), which carried an implied market capitalization of SAR 15.2 billion (around US$4.1 billion) upon listing. This IPO, which marked the largest in the MENA region in 2023, successfully concluded on October 11th with ADES’s shares listed on the Saudi Exchange (Tadawul). 

Notably, the IPO featured an international institutional investor segment under Regulation S of the U.S. Securities Act of 1933. The majority of the IPO proceeds, over 90%, were raised from both domestic and international institutional investors, with Saudi retail investors contributing to the remainder. An impressive testament to its appeal, the IPO was over-subscribed by 62.7 times, attracting a total demand of SAR 286.9 billion (approximately US$76.5 billion). 

ADES Holding Company is a prominent provider of oil and gas drilling services in the MENA region, boasting operations across seven countries: the Kingdom of Saudi Arabia, Kuwait, Qatar, Egypt, Algeria, Tunisia, and India. ADES specializes in onshore and offshore contract drilling and workover services, which encompass the maintenance, repair, and enhancement of oil production. 

The Clifford Chance Frankfurt team was led by partner George Hacket, supported by 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 & Financial Regulatory) and Omar Rashid (both pictured). Senior associate Rakan Kawar and associate Jomana Alkathiri were the lead associates and were supported by associates Abdulrahman Alkhudairy, Aljazi Alhagbani, Ibrahim AlMansour, Aljoahra Bin Ahmed, Noura Alassaf, and Yara Abushanan (all Riyadh-based).