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 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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