The Emirati company said that the share price provides an attractive offer for investors
According to the information released yesterday, the subscription price was determined by ADNOC, as the selling shareholder, and ADNOC Drilling, following initial demand indicators from local and international investors, before the official subscription period began yesterday. ADNOC and ADNOC Drilling expect the share price to provide an attractive offer for investors that reflects ADNOC’s confidence in ADNOC Drilling’s long-term growth path, and its prioritization of strong post-listing performance. ADNOC’s main objectives are to support the growth and diversification of capital markets in the UAE and Abu Dhabi.
The subscription period for the public offering of ADNOC Drilling officially began yesterday, and will close on September 23 for individual investors in the UAE, and on September 26 for qualified investors from local and international institutions. ADNOC Drilling is expected to be listed on the Abu Dhabi Securities Exchange on 3 October.
The IPO in ADNOC Drilling is the second public offering of a company owned by the oil giant in Abu Dhabi, after it listed in 2017 ADNOC Distribution, the largest operator of petrol stations in the UAE.
The prospectus indicated that ADNOC will sell at least 1.2 billion shares during the offering, while retaining the right to increase the size of the offering at any time before the end of the subscription period. The valuation is similar to what it was in 2017, when ADNOC sold a five percent stake in ADNOC Drilling to Baker Hughes.
These were the details of the news IPO pricing for ADNOC Drilling puts its valuation at $10 billion for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.