ADNOC increases shares offering for drilling IPO
The Abu Dhabi National Oil Company (ADNOC) has increased the number of ordinary shares offered in the initial public offering (IPO) of ADNOC Drilling to 11 percent due to oversubscription.
“The new offering size was determined by ADNOC, as the selling shareholder, based on significant investor demand and the considerable oversubscription across all Tranches,” said the company in a statement.
The increase will be from 1.2 billion ordinary shares to 1.76 billion ordinary shares, with Dhs 2.30 (US $0.6262) per share.
ADNOC will continue to own a majority 84 percent stake in the company, while Baker Hughes, will own 5 percent shareholding in the company.
The subscription period for the ADNOC Drilling IPO remains unchanged and will close on Thursday for UAE retail investors and on Sunday for qualified domestic and international institutional investors.
ADNOC Drilling is expected to list on the Abu Dhabi Securities Exchange (ADX) on or around October 3, 2021, the company said, adding that it will be the largest IPO on ADX.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

Commodity Traders Can’t Ignore India’s Growth, Oil Minister Says

Isuzu to Build Car Plant in South Carolina as Trump Tariffs Loom

SoftBank Weighs Debt-Heavy Financing in $500 Billion AI Push

Stocks Climb as Traders Brush Aside Tariff Threats: Markets Wrap

Moove Works to Control Fire Within Complex in Rio de Janeiro

Stocks Slide as Tariff Angst Adds to Price Worries: Markets Wrap

China’s Oil Teapots Cut Runs to Pandemic Levels After Sanctions

China Refiners Set to Resell US Oil Cargoes After Tariff Blitz

Shell starts up new facility in UK North Sea, restoring production from the Penguins field
