ADNOC Drilling starts trading with $10 billion market cap By Reuters – Investing.com
- Date: 03-Oct-2021
- Source: Investing.com
- Sector:Financial Markets
- Country:UAE
ADNOC Drilling starts trading with $10 billion market cap By Reuters – Investing.com
DUBAI (Reuters) - Abu Dhabi National Oil Company (ADNOC) will list on Sunday its drilling unit in a $1.1 billion initial public offering (IPO), the largest ever on the Abu Dhabi stock market.
ADNOC Drilling, whose share offering received over $34 billion in demand, is expected to be among the 10 largest companies on the Abu Dhabi Securities Exchange, based on a market capitalisation at listing of about $10 billion.
"This important milestone will bolster the expansion and diversification of Abu Dhabi’s equity capital markets and further the development of the UAE’s economy and private sector", ADNOC said in a statement.
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