Adnoc Drilling to start trading on Abu Dhabi bourse after raising $1.1bn through an IPO
04 October, 2021
The drilling unit of Abu Dhabi National Oil Company will start trading on the Abu Dhabi Securities Exchange on Sunday. The company raised over $1.1 billion through the initial public offering.
Upon listing, Adnoc Drilling is expected to be among the top 10 largest companies on the ADX, based on a market capitalisation at listing of approximately $10bn, helping to further diversify and strengthen the Exchange and increasing investor choice.
“Today’s listing will enable domestic and international investors alike to benefit from the growth trajectory of a company that sits at the very heart of Adnoc’s ambitious growth plans,” Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Managing Director and Group chief executive, said.
“In addition, this highly successful IPO will further strengthen and broaden Abu Dhabi’s vibrant equity capital markets, while driving the UAE’s economic growth, diversification and attracting foreign direct investment.”
Adnoc Drilling is one of the largest drilling companies in the Middle East, operating 107 onshore, offshore and island rigs, of which 11 are rented. The company, which began operations in 1972, has expanded its fleet of rigs, adding 67 since 2010, in line with the growth in oil and gas production capacity at Adnoc.
Adnoc sold 1.76 billion shares of Adnoc Drilling, at an offer price of Dh2.30 per ordinary share last week.
The company will start trading on the Abu Dhabi bourse under the symbol ADNOCDRILL and ISIN AEA007301012, Adnoc said on Sunday.
Source: www.thenationalnews.com
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