Middle East

Arabian Drilling Co shares rise 18% on market debut

November 7, 2022

Arabian Drilling recently chartered two jack-up rigs from Keppel ©Keppel Corp.

Shares of Arabian Drilling Company, a Saudi Arabian oilfield services company, rose 18% from its listing price when it made its market debut in Riyadh on Monday.

When Tadawul went public, the shares traded at 118 riyals ($31.40) from an IPO price of 100 riyals. The latest in a string of IPOs from the Gulf nation that bucked global market trends, the offering raised 2.67 billion riyals.

Arabian Drilling was priced at the high end of the range announced last month, with the company valued at 8.9 billion riyals.

Industrialization & Energy Services Company (TAQA) and Services Petroliers Schlumberger SA, owned by Schlumberger (now SLB) sold 30% of the company’s shares in an IPO.

($1 = 3.7575 riyals)

(Reuters – Reporting by Yousef Saba, Editing by Louise Heavens)

https://www.oedigital.com/news/500743-arabian-drilling-co-shares-up-18-on-market-debut Arabian Drilling Co shares rise 18% on market debut

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