It is expected that ADNOC Drilling will be listed on the Abu Dhabi Securities Exchange on Sunday, October 3, 2021.

The Abu Dhabi National Oil Company (ADNOC) announced today, Wednesday, an increase in the number of shares offered in the initial public offering of ADNOC Drilling from 1.2 billion ordinary shares to 1.76 billion shares. Ordinary, equivalent to 11% of the total capital of ADNOC Drilling, after obtaining the approval of the Securities and Commodities Authority in the country.

According to the statement, after the completion of the IPO process, ADNOC will own the majority stake in ADNOC Drilling, which amounts to 84%, while Baker Hughes, which entered into Strategic partnership with ADNOC Drilling in October 2018, with its 5% stake in the company.

The same offering price of 2.30 dirhams per share also remained unchanged, according to the Emirates News Agency (WAM).

The subscription period for ADNOC Drilling's shares will remain the same, and will close on September 23 for individual investors in the UAE and on September 26 for qualified investors from local and international institutions.< /p>