The Abu Dhabi Nationwide Oil Firm (ADNOC) has elevated the variety of strange shares supplied within the preliminary public providing (IPO) of ADNOC Drilling Firm PJSC from 1,200,000,000 strange shares to 1,760,000,000 strange shares
Topic to completion of the IPO, 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 within the firm.
As a part of the brand new providing measurement, ADNOC additionally intends to extend the scale of the Tranches reserved for UAE retail traders, together with eligible ADNOC Group firms’ workers and UAE nationwide retirees. The ultimate Tranche sizes will probably be decided at ADNOC’s discretion and introduced on 27 September, 2021.
The brand new providing measurement was decided by ADNOC, because the promoting shareholder, primarily based on important investor demand and the appreciable oversubscription throughout all Tranches. The enlarged providing will allow a broader investor base to acquire publicity to ADNOC Drilling’s extremely engaging worth proposition.
The subscription interval for the ADNOC Drilling IPO stays unchanged and can shut on 23 September, 2021 for UAE retail traders and on September 26, 2021 for certified home and worldwide institutional traders. ADNOC Drilling is predicted to listing on the ADX on or round 3 October, 2021.