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ADNOC rises the number of shares offered for public offering

ADNOC Abu Dhabi

ADNOC Abu Dhabi Petroleum said that it will increase the number of shares offered for the public offering of ADNOC Drilling.

The company raised the number of offered shares from 1.2 billion ordinary shares (11% of the total capital of ADNOC Drilling), after obtaining the approval of the Securities and Commodities Authority.

ADNOC Abu Dhabi indicated that it will remain, after the completion of the public offering process, holding the majority stake in ADNOC Drilling, which amounts to 84%.

ADNOC Abu Dhabi

Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, retains its 5% stake in the company, knowing that the same offering price of 2.30 dirhams per share has been kept unchanged.

In the same context, ADNOC also intends to increase the volume of tranches reserved for individual investors in the UAE, including the tranche allocated to qualified employees of ADNOC Group companies and Emirati retirees.

Final tranche sizes will be determined at ADNOC’s discretion, and will be announced on September 27, 2021.

ADNOC’s decision to increase the size of the offering, as the selling shareholder, came in the wake of strong demand from investors, and the volume of subscription exceeded the shares offered in all segments.

Increasing the size of the offering will provide the opportunity to subscribe to a larger group of investors in ADNOC Drilling, and thus benefit from an attractive investment opportunity.

The subscription period for ADNOC Drilling shares remains the same, to be closed on September 23 for individual investors in the UAE, and on September 26 for qualified investors from local and international institutions.

ADNOC Drilling is expected to be listed on the Abu Dhabi Securities Exchange on October 3, 2021.

Previous class

Earlier, ADNOC Petroleum offered 7.5% of ADNOC Drilling for the initial public offering on the Abu Dhabi Financial Market.

ADNOC aims to raise approximately 2.76 billion dirhams from offering this stake, after setting the subscription price for its shares at 2.30 dirhams per share.

According to the share price, the total price of ADNOC Drilling’s shares is about 37 billion dirhams.


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