Abu Dhabi National Oil Company Bolsters Coffers with $935 Million Share Sale

Abu Dhabi National Oil Company Bolsters Coffers with $935 Million Share Sale

Arabian Post -Arabian Post Staff – Dubai The Abu Dhabi National Oil Company (ADNOC) announced the successful completion of a secondary share sale in ADNOC Drilling, raising $935 million. This transaction, designed to broaden investor participation and enhance liquidity in the UAE’s equity market, follows ADNOC Drilling’s initial public offering (IPO) in 2021. The offering involved the placement of 880 million shares with institutional investors, representing 5. 5% of […]

via Abu Dhabi National Oil Company Bolsters Coffers with $935 Million Share SaleArabian Post -Arabian Post Staff – Dubai

The Abu Dhabi National Oil Company (ADNOC) announced the successful completion of a secondary share sale in ADNOC Drilling, raising $935 million. This transaction, designed to broaden investor participation and enhance liquidity in the UAE’s equity market, follows ADNOC Drilling’s initial public offering (IPO) in 2021.

The offering involved the placement of 880 million shares with institutional investors, representing 5. 5% of ADNOC Drilling’s total issued and outstanding share capital. This sale increases the company’s free float, the portion of shares available for trading on the public stock exchange, to 16. 5%.

The shares were priced at AED 3. 90 each, reflecting a significant increase of 70% compared to the IPO price