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

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

DUBAI, Sept 27 (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) 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 (Abu Dhabi Securities Exchange) listing, further bolstering the UAE and Abu Dhabi's equity capital markets," it said.