RIYADH: Arabian Drilling Co. has seen SR2.18 billion ($580 million) raised from its initial public offering, as retail investors rushed to subscribe to shares despite global market volatility.
The Saudi-based onshore and offshore gas and oil rig drilling company saw 497,172 retail investors subscribing to the offering, leading to 816.45 times oversubscription, according to a bourse filing.
Retail investors were allocated 2.67 million shares, representing 10 percent of the total offering.
Founded in 1964, Arabian Drilling Co. is a limited liability company co-owned by Industrialization and Energy Services Co. and Schlumberger who own 51 percent and 49 percent respectively.
The company operates a fleet of 45 drilling rigs, both onshore and offshore, which include equipment capable of drilling wells from 375 feet below sea level, as well as multi-purpose self-propelled service vessels that can intervene and test wells in the field.
Among its main customers are Saudi Aramco, Al-Khafji Joint Operations, Schlumberger Middle East and Dowell Schlumberger Saudi Arabia Ltd., as well as Baker Hughes Saudi Arabia.