The Abu Dhabi National Oil Company “ADNOC” announced its intention to offer a 7.5% stake in the shares of “ADNOC Drilling” for an initial public offering on the Abu Dhabi Securities Exchange. The subscription will be open to citizens and residents of the UAE and local and international investment institutions and is expected to start on September 13, 2021.
The offering plan stipulates that all the offered shares will be sold from the existing shares owned by ADNOC. The shares are expected to start trading on the Abu Dhabi Securities Exchange in October 2021.
The shares offered will be made available to individuals and other investors in the framework of the offering to individuals in the UAE as well as to qualified investors within the framework of the offering to qualified investors. 5% of the offered shares will be reserved for the Emirates Investment Authority.
The offering is to consist of: a public offering to individual investors in the UAE, and an offering to qualified investors in a number of countries, including the UAE. The offering price for the share will be determined through the process of building the subscription order book. Individual investors in the offering for the individual segment in the UAE will subscribe to the shares at the offer price.
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