© Reuters file photo: Electronic boards displaying stock information show an investor on the stock exchange on the ADX Abu Dhabi Securities Exchange last 16, 2012. Router / Ben Jobs / File photo
DUBAI (Reuters) – Abu Dhabi National Oil Company (ADNOC) on Sunday listed its drilling unit in a প্রাথমিক 1.1 billion initial public offering (IPO), the largest ever in the Abu Dhabi stock market.
ADNOC Drilling, whose share offer received more than 34 34 billion, could be among the 10 largest companies on the Abu Dhabi Securities Exchange, based on a listed market capitalization of about ১০ 10 billion.
“This important milestone will strengthen Abu Dhabi’s equity capital market expansion and diversification and further strengthen the UAE’s economy and private sector growth,” the ADNOC said in a statement.
The IPO is the gulf oil giant ADNOC and its latest move Saudi Aramco (SE 🙂 They try to diversify the source of income in their oil-dependent economy to raise cash from outside investors.
Saudi Aramco, listed at the end of 2011, raised .4 2.4..4 billion in the world’s largest IPO.
ADNOC will continue to hold an 84% majority stake in the unit, and Baker Hughes will maintain its 5% shareholding. Helmerich and Paine (NYSE 🙂 will hold 1% through its IPO base investment.
The size of the ADNOC IPO has increased its share capital by 11% due to additional subscriptions. It had earlier set a minimum sale target of 7.5%.
The second sale of a company owned by Abu Dhabi Oil Company after the 2017 listing of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the UAE.
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