DUBAI - Arabian Drilling Company, a Saudi oilfield services firm, said on Tuesday it will price its initial public offering at 100 riyals a share and is set to raise 2.67 billion riyals ($710.58 million).

The final price is at the top end of a price range announced last month, which would value it at 8.9 billion riyals.

Arabian Drilling, which operates 45 rigs and has been drilling since 1964, is selling 30% of the company and received 162 billion riyals in orders from institutional investors, it said in a statement.

The deal is the latest in a string of IPOs from the Gulf that has continued this year in defiance of global market trends.

"Global investors have come to recognize the significant and integral role we play – and will continue to play – in the oil and gas value chain in the Kingdom," CEO Ghassan Mirdad said in the statement.

"The demand for our services remains high, especially given the elevated commodity price environment and concerns around energy security as a result of the current macro-political and economic landscape," he said, adding the firm plans to expand further in the Gulf Arab countries.

The offering comprises a primary offering of 10.11% of Arabian Drilling, or 9 million new shares, and a secondary offering of 19.89% of the company's total share capital, or 17.7 million existing shares, held by The Industrialization & Energy Services Company (TAQA) and Services Petroliers Schlumberger S.A.

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.

HSBC Saudi Arabia, Goldman Sachs Saudi Arabia and SNB Capital are joint financial advisers, bookrunners and underwriters for the IPO.

($1 = 3.7575 riyals)

(Reporting by Yousef Saba; Editing by David Gregorio)