ADNOC Distribution raises $3bn on IPO

Abu Dhabi – Mubasher: The individual tranche in the Abu Dhabi National Oil Company’s (ADNOC) distribution unit was oversubscribed by 2000%, and yielded $3 billion, informed sources told Mubasher on Thursday.

Both of the individual and the institutional tranches of the IPO represent 10% of ADNOC’s unit, and were covered at the new price range, which was shrunk to AED 2.35 from AED 2.65 per share on 6 December, some sources added.

The distribution unit’s IPO price range was between AED 2.35 and AED 2.95, according to the company’s prospectus.

Mubasher Contribution Time: 07-Dec-2017 07:21 (GMT)
Mubasher Last Update Time: 07-Dec-2017 07:23 (GMT)

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