Abu Dhabi Nationwide Oil Firm (ADNOC) has introduced profitable completion of the bookbuild and public subscription course of for the preliminary public providing (IPO) of ADNOC Drilling Firm PJSC
The providing was a number of instances oversubscribed, with vital demand from UAE Retail Buyers and Certified Institutional Buyers. Whole gross demand for the IPO amounted to over US$34bn, implying an oversubscription stage in extra of 31 instances in mixture.
Following the completion of the subscription interval, the scale of the First Tranche (reserved for UAE Retail Buyers) was set at 10%; the scale of the Second Tranche (reserved for native, regional and worldwide Certified Institutional Buyers) was set at 86%; and the scale of the Third Tranche (reserved for ADNOC Group Firms’ Workers and UAE Nationwide Retirees) was set at 4%. Buyers from the First and Third Tranches will obtain an SMS affirmation of their respective allocation on September 30, 2021.
Itemizing and begin of buying and selling on the Abu Dhabi Securities Trade (“ADX”) are anticipated to start at 10:00AM (UAE time) on October 3, 2021, topic to customary closing circumstances, beneath the image “ADNOCDRILL” and ISIN “AEA007301012.”
Upon itemizing on the ADX, ADNOC will proceed to personal a majority 84% stake within the firm, whereas Baker Hughes, which entered right into a strategic partnership with ADNOC Drilling in October 2018, will retain its 5% shareholding. Helmerich & Payne (H&P) will maintain 1% by means of its IPO cornerstone funding introduced on 8 September 2021.
Moelis & Firm acted as Unbiased Monetary Adviser.