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Whole squad on that Adnoc IPOMENA

Whole squad on that Adnoc IPO

The Abu Dhabi National Oil Company (ADNOC) has no problem meeting expectations, but this time they crushed them. After a surge in demand for the IPO of its drilling subsidiary, the company increased the share offering from 7.5% to 11%. Total gross demand for the offering amounted to more than $34b, implying an oversubscription of more than 31 times. 

ADNOC pulled in $1.1b from the offering of 1.76 billion shares at a price of AED 2.30 per share. The company is ready to officially list on the Abu Dhabi Stock Exchange (ADX) on October 3. So if you’re a qualified domestic or international institutional investor, you’re still in time to get in on the drilling hype. The subscription period for these investors will end on September 26, while the subscription period for retail investors has ended today. 

why it matters

ADNOC's drilling IPO will be UAE's biggest public offering in recent times. It will also represent the second major listing on the ADX this year. Back in July, Yahsat was able to raise $730m through its IPO.