Arabian Drilling to proceed with IPO for 30% stake on Saudi main market

RIYADH: Arabian Drilling Co., one of the largest oil and gas drilling contractors in Saudi Arabia, has announced its intention to list its ordinary shares on the Saudi main index in an initial public offering.

Arabian Drilling said it will sell existing shares representing 19.98 percent of its post-listing share capital, and issue new shares representing 10.11 percent of its share capital, according to a bourse filing.

The upcoming book-building event is going to take place from Sept. 28 to Oct. 5, 2022.