ADES Holding, backed by the Saudi sovereign wealth fund, recently made waves in the Saudi market with the kingdom's largest initial public offering (IPO) this year. Here's the story:

1. Impressive Market Debut: ADES Holding saw a remarkable debut on the Riyadh stock exchange, with its shares soaring by as much as 21%. This strong performance followed the company's IPO, which was backed by the Saudi sovereign wealth fund.

2. Strong Demand: The IPO generated substantial interest, with institutional investors placing orders of nearly $77 billion for the $1.2 billion offering. This robust demand underscores the strength of the market for share sales in Saudi Arabia.

3. Market Resilience: Despite the conflict between Israel and Hamas causing turbulence in regional markets, ADES Holding's IPO showcased resilience. It opened at SR14.84, a notable increase from the offering price of SR13.50 at the upper end of the range. Subsequently, it reached as high as SR16.30.

4. Kingdom's IPO Success: ADES Holding's IPO contributes to Saudi Arabia's successful year in terms of listing proceeds, bringing the total to $2.4 billion. This figure is more than double the year's initial expectations, indicating a vibrant IPO market in the kingdom.

5. Middle East IPO Landscape: The recent conflict and uncertainties in the Middle East may have impacted regional markets, but it hasn't deterred Saudi Arabia's IPO momentum, which has rebounded after a slower start to the year.

6. ADES' Growth Trajectory: ADES Holding, a company specializing in oil and gas drilling and production services in the Middle East and North Africa, experienced significant growth through acquisitions after the Public Investment Fund and major stakeholders took the business private in 2021.

7. Allocation of Proceeds: A significant portion of the IPO, comprising 30% of the company's shares, was successfully sold. The proceeds from the IPO will be utilized to reduce the company's indebtedness, fuel its growth strategy, and support general corporate purposes.

8. Financial Advisors: EFG Hermes, Goldman Sachs Group Inc., JPMorgan Chase & Co., and SNB Capital played pivotal roles as financial advisors and global coordinators for the IPO.

ADES Holding's remarkable IPO performance reflects the kingdom's resilience in the face of regional challenges and its vibrant IPO market, offering opportunities for investors and contributing to the nation's economic growth.