ADNOC Drilling IPO raised over $1.1bln

ADNOC Drilling IPO raised over $1.1bln

UAE state oil giant said its bookbuilding and public subscription process for the initial public offering (IPO) of ADNOC Drilling Co. resulted in gross proceeds of more than $1.1 billion to ADNOC, upon settlement. The offering was more than 31 times oversubscribed, with significant demand from UAE Retail Investors and Qualified Institutional Investors, the oil company said in a statement on Monday. Total gross demand for the IPO amounted to over $34 billion. The offer size was previously increased due to demand from 1,200,000,000 ordinary shares to 1,760,000,000 ordinary shares, equivalent to 11 percent of total issued share capital. On Sunday, the (ADX) said ADNOC Drilling would be listed on October 3, 2021, with trading set to begin on that day. Upon listing on the ADX, ADNOC will continue to own a majority 84 percent stake in the company, while Baker Hughes, which entered a strategic partnership with ADNOC Drilling in October 2018, will retain its 5 percent shareholding. Helmerich & Payne will hold 1 percent through its IPO cornerstone investment announced on September 8, 2021. (Writing by Brinda Darasha; editing by Seban Scaria) Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal