ADNOC Drilling announces the final allotment of the offered shares

ADNOC Drilling announces the final allotment of the offered shares
ADNOC Drilling announces the final allotment of the offered shares
Today, Thursday, the UAE “ADNOC Drilling” company will notify investors in the first and third tranches of the final allocation in the subscription, which took place on 11% of its shares on the Abu Dhabi Financial Market.And the timetable for the issuance of ADNOC Drilling showed that short messages will be sent to confirm the final allocation of the first and third tranches.

ADNOC Drilling’s subscription raised $34 billion, receiving coverage 31 times, while the allocation of the second tranche was completed on September 27, 2021.

The company stated that the recovery of surplus investment amounts for the subscribers of the first and third tranches will also start, and an email will be sent regarding the allocation of shares as of today, Thursday, while the company will be listed on the Abu Dhabi Stock Exchange on October 3, 2021 at a price of 2.3 dirhams per share.

The subscription of qualified investors from local and international institutions in the public offering of the shares of ADNOC Drilling ended, at a price of 2.3 dirhams per share, to end with the initial public offering of the company’s shares, which began on September 13.The Abu Dhabi National Oil Company “ADNOC”, which owns the majority of the shares of ADNOC Drilling, announced 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 ordinary shares, equivalent to 11% of the total capital of the company. ADNOC Drilling, after obtaining the approval of the Securities and Commodities Authority in the country.

After the completion of the IPO, ADNOC becomes the majority owner of ADNOC Drilling, which amounts to 84%, while Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, retains its 5% stake in the company.

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