Saudi Arabia’s sovereign wealth fund plans an initial public offering of oil and gas exploration services company ADES in Riyadh next year and is expected to raise more than $1 billion, according to two sources. Two sources told Reuters that PIF has appointed JP Morgan, Goldman Sachs, the investment banking arm of the National Bank of Saudi Arabia and EFG Hermes in Egypt to manage the offer. ADES International was listed on the London Stock Exchange in 2017. Last year, the fund teamed up with two of the company’s largest shareholders, ADES Investments Holding and Zamil Group, to acquire it. At the time, the deal was worth $516 million to ADES. The EDES website says its clients include oil giant Saudi Aramco and Kuwait Oil Company, as well as national oil companies’ joint ventures with international companies, including BP and Eni. The company owns a fleet of 84 offshore and onshore drilling rigs in six markets: Saudi Arabia, Kuwait, Qatar, Egypt, Algeria and Tunisia. The state investment fund, which manages assets in excess of $600 billion, is reducing its holdings in some of the companies it owns in order to reinvest its capital in new investments.