Advanced Energy Systems (ADES Group) completed offering 40% of its shares on London Stock Exchange at a price of $16.50 per share, with total proceeds of $278m, reported Al Mal News.

The floatation is managed by EFG-Hermes and Citi Group with Baker McKenzie acting as the legal advisor.

ADES, owned by businessman Mamdouh Abbas, raised its capital to $42.203m from $31.9m by offering 10.303m shares with a nominal value of $1 per share, bringing the total number of shares after increase to 42.203m shares.

After boosting capital, the firm put in a 40% stake amounting to 16881m shares with total proceeds of $278m.

The company plans to use the initial public offering (IPO) proceeds to finance purchasing new diggers as part of expansion plan in Gulf, Egyptian and Algerian markets.

ADES Group was studying early May offers by European firms, including proposals from British companies and banks, to acquire shares in the company. Some of the offers were requesting the acquisition of a part of ADES’ shares, while other offers requested the acquisition of the whole company.