Saudi-backed oil and gas driller ADES expected to price IPO at top of range

Oil and gas driller ADES Holding is expected to price its initial public offering (IPO) at the top of a range announced this week, one of the banks on the deal said on Thursday.

The company backed by Saudi Arabia’s PIF sovereign wealth fund is expected to price its shares at 13.50 riyals ($3.60), the bank said in a message to investors seen by Reuters.