ADNOC completes bookbuilding for drilling unit IPO raising over $1.1bln

ADNOC completes bookbuilding for drilling unit IPO raising over $1.1bln

DUBAI - State oil giant has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion, it said on Monday. The offering was oversubscribed, with total gross demand amounting to more than $34 billion, it said in a statement. "Upon settlement, ADNOC Drilling's IPO will be the largest ever ADX ( ) listing, further bolstering the UAE and Abu Dhabi's equity capital markets," it said. A tranche for United Arab Emirates retail investors was set at 10% and a tranche for local, regional, and international institutional investors at 86%, with the remaining 4% to be allocated to ADNOC employees and UAE retirees. Listing was expected on Oct. 3, ADNOC said. ADNOC will continue to own an 84% majority stake in the unit, while Baker Hughes will retain its 5% shareholding. Helmerich & Payne will hold 1% through its IPO cornerstone investment. ADNOC increased to 11% of share capital the size of the IPO, it said this month, because of oversubscription. It had previously targeted a minimum stake of 7.5%. The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of , the largest