ADNOC Sets Share Price Per Share for Adnoc Drilling IPO

  • Publish date: Sunday، 05 December 2021
Related articles
Bahrain Central Bank to Offer a Digital Dinar
Your Love and Relationship Horoscope for May 8th, 2024
Netflix Bans the Password-Sharing Option in Bahrain

The Abu Dhabi National Oil Company (ADNOC) today announced that it has set the offer price per share for the initial public offering of ADNOC Drilling Company at AED2.30, implying an equity value of $10 billion.

The offer price was determined by ADNOC, as the selling shareholder, and ADNOC Drilling, following investor engagement that saw significant strong initial demand indications from both local and international investors, ahead of the start of the subscription period, which opens today.

Read More: All About the Part-Time Work Permit for Students Above 15 in UAE

Read More: Sheikh Mansour Al Maktoum Opens 'The Big 5' 42nd Edition

Read More: UAE Allocates AED24 Billion to Support Emiratis in Private Sector

ADNOC and ADNOC Drilling believe the offer price per share provides investors with a highly attractive value proposition that reflects ADNOC’s long-term confidence in ADNOC Drilling’s growth trajectory. This decision also reflects ADNOC’s prioritisation of a supportive aftermarket performance post-listing.

The decision to set the price per share also reiterates one of ADNOC’s key objectives to further support the growth, strength and diversification of the UAE and Abu Dhabi equity capital markets.

The subscription period for the ADNOC Drilling IPO opens today and will close on 23rd September for UAE retail investors and on 26th September for qualified domestic and international institutional investors. ADNOC Drilling is expected to list on the ADX on or around 3rd October, 2021.

This article was previously published on UAE Moments.To see the original article, click here

Related articles