UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) has completed the bookbuild and public subscription process for the initial public offering (IPO) of its drilling unit, raising more than $1.1 billion.
ADNOC has confirmed the rise in the offering size from 1.2 billion to 1.76 billion ordinary shares, representing 11% of the total issued share capital and an offer price of AED 2.3 per ordinary share, according to a press release on Monday.
The offering was 31 times oversubscribed with total gross demand for IPO valued at more than $34 billion.
The size of the first tranche for UAE retail investors, the second for local, regional, and international qualified institutional investors, and the third for ADNOC Group companies’ employees and UAE national retirees were set at 10%, 86%, and 4%, respectively.
The shares of ADNOC Drilling are expected to be listed on the Abu Dhabi Securities Exchange (ADX) on 3 October 2021, subject to customary closing conditions.
Upon settlement, ADNOC Drilling’s IPO will be the largest ADX listing.
