Arabian Drilling Co to price IPO at 90-100 riyals a share

DUBAI, Sept 28 (Reuters) - Arabian Drilling Company, a Saudi oilfield services firm, will price its planned initial public offering between 90 riyals and 100 riyals per share, HSBC Saudi Arabia said on Wednesday.

HSBC Saudi Arabia (HSBA.L), Goldman Sachs Saudi Arabia and SNB Capital (1180.SE) are joint financial advisers, bookrunners and underwriters for the IPO, which could fetch the company between 2.403 billion and 2.67 billion riyals ($638.59 million to $709.54 million).

Arabian Drilling, which operated 45 rigs as of 2021 and has been drilling since 1964, will sell 30% of the company, or 26.7 million shares. That includes 17.7 million existing shares held by The Industrialization & Energy Services Company (TAQA) and 9 million new shares.

TAQA owns 51% of Arabian Drilling and top oilfield services firm Schlumberger (SLB.N) owns 49%, according to Refinitiv data.

Bookbuilding for institutional investors began on Wednesday and will end on Oct. 5, after which the final price will be set. The retail subscription period will start on Oct. 18 and end the following day. The final allocation of shares will be announced on Oct. 25 and the first day of trading is to be determined.

($1 = 3.7630 riyals)

Reporting by Yousef Saba, Editing by Louise Heavens

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