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.
She explained that the subscription price was set by ADNOC as the “selling shareholder” and ADNOC Drilling, following strong initial demand indicators from local and international investors, before the official subscription period began, which began yesterday.
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 also comes 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 subscription period for the ADNOC Drilling IPO 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 October 3, 2021.
The IPO share pricing makes the company’s market capitalization 36.7 billion dirhams.
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