Adnoc Unit Seeks to Raise Up to $750 Million in Abu Dhabi IPO

Adnoc Unit Seeks to Raise Up to $750 Million in Abu Dhabi IPO

(Bloomberg) -- Abu Dhabi National Oil Co. is seeking to raise about $750 million from its drilling unit’s IPO, in what would rank among one of the largest share sales in the United Arab Emirates.

Adnoc Drilling set the price for its listing at 2.30 dirhams per share, implying an equity value of $10 billion, according to a statement. The offering will represent 1.2 billion shares, or 7.5% of the company, though Adnoc has said it may increase the amount of stock on offer.

The offering comes as Abu Dhabi tries to revive IPOs on its stock exchange. The bourse, known as ADX, is offering sweeteners that include flexibility on the minimum stake size required for share sales and promising to reduce or forgo listing fees.