Saudi Arabia's state fund hires banks for IPO of ADES, sources say

Saudi Arabia's state fund hires banks for IPO of ADES, sources say

Riyadh, Saudi Arabia. Photo by Hala AlGhanim on Unsplash

Saudi Arabia’s sovereign wealth fund is planning an initial public offering (IPO) of oil and gas drilling firm ADES International in Riyadh next year that could fetch more than $1 billion, according to two sources who declined to be identified as the matter is not public.