Advanced Energy Systems (ADES) has completed offering 40% of its shares on London Stock Exchange early in May at a price of USD 16.50 per share, with total proceeds of USD 278mn.
The floatation is managed by EFG-Hermes and Citi Group with Baker McKenzie acting as the legal advisor.
Sources told Al Mal newspaper that ADES, owned by businessman Mamdouh Abbas, raised its capital to USD 42.203mn from USD 31.9mn through offering 10.303 million shares with a nominal value of USD 1 per share, bringing the total number of shares after increase to 42.203 million shares.
The sources continued that after boosting capital, the firm put in 40% stake amounting to 16881 million shares with a total proceeds of USD 278mn.
IPO proceeds will be used to finance purchasing new diggers as part of expansion plan in Gulf, Egyptian and Algerian markets.
Al Mal newspaper reported earlier that Advanced Energy Systems plans to offer 20% – 30% of its shares on Egyptian Exchange through increasing its capital amounting to USD 32mn.
The chairman of ADES Mohamed Farouq told Al Mal then that low oil price would adversely affect the fair value of the firm’s share.
(Source: Al Mal)