ADNOC Drilling raises $34 billion with 31 times coverage

The ADNOC Drilling IPO raised $34 billion, after receiving oversubscription 31 times.

According to Arabiya Net, the subscription of qualified investors from local and international institutions to the public offering of ADNOC Drilling's shares ended yesterday, Sunday, at a price of 2.3 dirhams per share, to end with the public offering. The initial shares of the company started on September 13th.

The offering price will be 2.3 dirhams, and trading will start on the 3rd of October.

The Abu Dhabi National Oil Company, ADNOC, which owns the majority of ADNOC Drilling's shares, announced last Wednesday that it had increased the number of shares offered in the initial public offering of ADNOC Drilling from 1.2 billion ordinary shares. to 1.76 billion ordinary shares, equivalent to 11% of the total capital of ADNOC Drilling, after obtaining the approval of the Securities and Commodities Authority in the country.

After the completion of the IPO, ADNOC will become the majority shareholder in ADNOC Drilling, which amounts to 84%, while Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, with its 5% stake in the company.