Abu Dhabi - Mubasher: The stock of the Abu Dhabi National Oil Company’s (ADNOC) distribution unit was successfully listed on the Abu Dhabi Securities Exchange (ADX) on Wednesday.
“Transactions, such as this IPO, will allow ADNOC to better manage our capital and portfolio of assets, and expand our range of new and existing partnerships – from the Upstream to the Downstream,” said Sultan Ahmed Al Jaber, ADNOC Group’s CEO.
“We were extremely pleased with the demand for this landmark IPO. We received substantial interest from the international investment community, as well as an overwhelming response from investors in the UAE,” Al Jaber added.
ADNOC Distribution’s IPO was officially launched on 13 November 2017, in line with ADNOC’s strategy to promote its proactive management of its business assets and capital, the company revealed.
Priced at AED 2.50 per share, the company’s shares generated about AED 31.3 billion in market capitalisation at the time of listing, ADNOC Distribution stated, noting that the IPO was oversubscribed multiple times.
