The Abu Dhabi National Oil Company (ADNOC), announced the pricing of the IPO share of (ADNOC Drilling) at 2.30 dirhams per share; Which makes the market value of the company 36.7 billion dirhams.
The IPO price was set by ADNOC, as the selling shareholder, and ADNOC Drilling following strong initial demand indicators from local and international investors; This is before the official subscription period begins today, Monday, according to a press release.
ADNOC and ADNOC Drilling expect the share price to provide an attractive proposition to investors that reflects ADNOC's confidence in ADNOC Drilling's long-term growth path and its prioritization of strong post-listing performance.
The decision to set the share price was in line with one of ADNOC's main objectives, which is to support the growth and diversification of capital markets in the UAE and Abu Dhabi.
The IPO period for ADNOC Drilling officially begins today, Monday, and will close on September 23 for retail investors in the UAE and September 26 for qualified institutional investors. local and international.
ADNOC Drilling is expected to be listed on the Abu Dhabi Securities Exchange on October 3, 2021.
The ADNOC Group announced on September 6 its intention to offer at least 7.5% of ADNOC Drilling's shares to the Abu Dhabi Securities Exchange through an initial public offering, at a nominal value. 0.10 dirhams.
Baker Hughes' stake in ADNOC Drilling will remain unchanged at 5%.
