ADNOC sets share price for IPO

The Abu Dhabi National Oil Company (ADNOC) has set its share prices at AED 2.30 for its initial public offering.

ADNOC made the announcement today, implying an equity value of AED 36.7 billion.

The subscription period for the ADNOC Drilling IPO opens on September 13 and will close on September 23 for UAE retail investors and on September 26 for qualified domestic and international institutional investors.

According to reports, ADNOC and ADNOC Drilling believe the offer price per share provides investors with a highly attractive value proposition that reflects ADNOC’s long-term confidence in their growth trajectory.

ADNOC Drilling is expected to list on the Abu Dhabi Securities Exchange (ADX) on or around October 3.

ADNOC will continue to remain the majority shareholder following the initial public offering.