ADNOC Drilling Company increases offering size for IPO

ADNOC Drilling Company increases offering size for IPO

The Abu Dhabi National Oil Company (ADNOC) has announced that it has increased the number of ordinary shares offered in the initial public offering (IPO) of ADNOC Drilling Company. The directive following approval from the UAE Securities and Commodities Authority and entails increasing the offering from 1,200,000,000 ordinary shares to 1,760,000,000 ordinary shares, which equates to 11 per cent of ADNOC Drilling’s total issued share capital. Subject to completion of the IPO, ADNOC will continue to own a majority 84 per cent stake in the company, while Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, will retain its 5 per cent shareholding. The offer price of Dhs2.30 per share remains unchanged. ADNOC Drilling Company had announced its intent to list 7.5 per cent of its shares for trading on ADX earlier this month. As part of the new offering size, ADNOC also intends to increase the size of the tranches reserved for UAE retail investors, including eligible ADNOC Group companies’ employees and UAE national retirees. The final tranche sizes will be determined at ADNOC’s discretion and announced on September 27, 2021. The new offering size was determined by ADNOC, as the selling shareholder, based