ABU DHABI, 27th September / WAM/ The Abu Dhabi National Oil Company “ADNOC” announced today the end of the subscription process for ADNOC Drilling’s shares, achieving total returns of more than 4 billion dirhams upon the final settlement of the shares in the subscription process.
ADNOC had announced an increase in the number of shares offered in the initial public offering of ADNOC Drilling from 1,200,000,000 to 1,760,000,000 ordinary shares, at a price of AED 2.30 per ordinary share, equivalent to 11% of the total share capital of ADNOC Drilling.
The coverage of the offering exceeded several times the target value through a significant increase in demand from individual investors and institutions eligible for subscription, as the total demand for the shares of the public offering amounted to 127 billion dirhams, which is 31 times the target value of the offering.
After the end of the subscription period, the first tranche reserved for individual investors in the UAE was allocated at a rate of 10%, the second tranche reserved for qualified investors from local and international institutions was allocated at 86%, and the third tranche reserved for employees of the ADNOC Group of companies and retired UAE nationals by 4%.
Investors from the first and third tranches will receive a text message confirming the number of shares allotted to each of them on September 30, 2021.
It is expected that ADNOC Drilling’s shares will be listed and traded on the Abu Dhabi Securities Exchange at 10:00 AM (UAE time) on October 3, 2021, under the usual closing conditions, under the symbol “ADNOCDRILL” and ISIN “AEA007301012”.
After the end of the listing process on the Abu Dhabi Securities Exchange, ADNOC will remain the owner of the majority stake in 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.. Helmreich & Bain owns 1% through its investment in ADNOC Drilling, which was announced on September 8, 2021.
First Abu Dhabi Bank, Goldman Sachs International, HSBC Bank Middle East Limited and JPMorgan Securities plc have been appointed as joint global coordinators, while EFG Hermes UAE Limited and Emirates NBD Capital have been appointed as joint bookrunners.
First Abu Dhabi Bank acted as the main receiving bank, while Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Emirates NBD were appointed as receiving banks, and Mollis & Co. acted as the financial advisor.
The internal Shari’a Supervisory Committees of First Abu Dhabi Bank and HSBC Bank Middle East Limited have issued statements confirming the compatibility of the IPO with the principles of Islamic Shari’a.
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