Oil and gas driller ADES Holding, backed by Saudi Arabia's sovereign wealth fund, has announced plans to proceed with an initial public offering (IPO) on the Saudi Exchange. The IPO will consist of 338,718,754 ordinary shares, resulting in a free float of 30%. The company aims to secure over $1 billion in funding through the IPO. ADES International, which is currently listed on the London Stock Exchange, has grown to become one of the largest drilling operators in the Middle East and North Africa region with a fleet of 85 rigs and operations in seven countries. The IPO will support the company in continuing its growth and cementing its position as a leader in the jack-up drilling market in Saudi Arabia and globally. ADES counts state oil giant Saudi Aramco and Kuwait Oil Co as clients, as well as joint ventures with global majors including BP and Eni. The IPO is part of Saudi Arabia's reform efforts to deepen its capital markets and reduce reliance on oil revenue.