Arabian Drilling Company, said it will price its initial public offering at 100 riyals a share and is set to raise 2.67 billion riyals ($710.58 million). The final price is at the top end of a price range announced last month, which would value it at 8.9 billion riyals. The deal is the latest in a string of IPOs from the Gulf that has continued this year in defiance of global market trends. The retail subscription period will start on Oct. 18 and end the following day. The final allocation of shares will be announced on Oct. 25 and the first day of trading is to be determined.
- Arabian Drilling set to raise over $700 million in IPO