ADNOC Drilling’s IPO raises $34 billion over 31 times

The ADNOC Drilling IPO has raised $34 billion, being oversubscribed 31 times.

Yesterday, Sunday, the subscription of qualified investors from local and international institutions in the public offering of the shares of the company ended ADNOC DrillingAt a price of 2.3 dirhams per share, the initial public offering of the company’s shares, which began on September 13, ends with it.

The offering price will be 2.3 dirhams and trading will start on the 3rd of October.

The Abu Dhabi National Oil Company “ADNOC”, which owns the majority of the shares of ADNOC Drilling, announced last Wednesday that the number of shares offered in the initial public offering of ADNOC Drilling had increased from 1.2 billion ordinary shares to 1.76 billion ordinary shares, equivalent to 11% of the total capital. ADNOC Drilling, after obtaining the approval of the Securities and Commodities Authority in the country.

After the completion of the IPO, ADNOC becomes the majority owner of ADNOC Drilling, which amounts to 84%, while Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, retains its 5% stake in the company.

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