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Abu Dhabi National Oil Company (ADNOC) announced today that it has set the price per share of ADNOC Drilling Company’s initial public offering at 2.30 dirhams, which means the value of the equity is 10 billion U.S. dollars.
The offer price is determined by ADNOC and ADNOC Drilling as sales shareholders after investor participation. Before the start of the subscription period starting today, the initial signs of demand from local and international investors are very strong.
ADNOC and ADNOC Drilling believe that the offer price per share provides investors with an attractive value proposition, reflecting ADNOC’s long-term confidence in the growth trajectory of ADNOC Drilling. This decision also reflects ADNOC’s priority to support the aftermarket performance after listing.
The decision to set the price per share also reiterated one of ADNOC’s main goals, which is to further support the growth, strength and diversification of the UAE and Abu Dhabi equity capital markets.
The subscription period for ADNOC Drilling IPO begins today, the subscription period for UAE retail investors will end on September 23, and the subscription period for qualified domestic and international institutional investors will end on September 26. ADNOC Drilling is expected to be listed on ADX on or around October 3, 2021.
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