Abu Dhabi Nationwide Oil Firm (ADNOC) has introduced the profitable completion of the bookbuild and public subscription course of for the preliminary public providing (IPO) of ADNOC Drilling Firm PJSC and confirmed the beforehand introduced elevated providing dimension from 1,200,000,000 odd shares to 1,760,000,000 odd shares
The providing was oversubscribed a number of occasions, with important demand from UAE retail traders and certified institutional traders. Complete gross demand for the IPO amounted to greater than US$34bn, implying an oversubscription degree in extra of 31 occasions in mixture.
After the completion of the subscription interval, the dimensions of the First Tranche (reserved for UAE retail traders) was set at 10%, the dimensions of the Second Tranche (reserved for native, regional and worldwide certified istitutional traders) was set at 86%, and the dimensions of the Third Tranche (reserved for ADNOC Group corporations’ staff and UAE nationwide retirees) was set at 4%. Traders from the First and Third Tranches will obtain an SMS affirmation of their respective allocation on 30 September, 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 3 October, topic to customary closing circumstances.
Upon itemizing on the ADX, ADNOC will proceed to personal a majority 84% stake within the firm, whereas Baker Hughes will retain its 5% shareholding. Helmerich & Payne will maintain 1% via its IPO cornerstone funding introduced on 8 September.
First Abu Dhabi Financial institution PJSC, Goldman Sachs Worldwide, HSBC Financial institution Center East Restricted and JP Morgan Securities plc acted as joint world coordinators and EFG-Hermes UAE Restricted, Emirates NBD Capital PSC, Worldwide Securities LLC, Merrill Lynch Worldwide and Société Générale acted as joint bookrunners. First Abu Dhabi Financial institution PJSC acted because the lead receiving financial institution and Abu Dhabi Business Financial institution PJSC, Abu Dhabi Islamic Financial institution PJSC and Emirates NBD Financial institution PJSC acted as receiving banks.