Saudi PIF-backed ADES prices IPO at top end, implying over $4b valuation

Saudi PIF-backed ADES prices IPO at top end, implying over $4b valuation

Late evening sunlight is seen reflected off the Kingdom Tower in Riyadh, Saudi Arabia, on Thursday, Dec. 1, 2016. Photographer: Simon Dawson/Bloomberg

Saudi oil and gas driller ADES Holding said on Wednesday it has set the final price for its initial public offering (IPO), implying a valuation of 15.242 billion riyals ($4.06 billion) for the Saudi sovereign wealth fund-backed firm.

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