ADNOC L&S sets IPO price range of Dh1.99-Dh2.01 as subscription opens, cornerstone investors named

ADNOC L&S sets IPO price range of Dh1.99-Dh2.01 as subscription opens, cornerstone investors named

Dubai: The ADNOC Logistics & Services' IPO subscription has opened with the price range set at Dh1.99-Dh2.01, as the Abu Dhabi energy group pushes its next entity onto an ADX listing. The final offer price should be announced on May 25. The subscription period continues until May 23 for the retail component. The ADX opening would be on June 1. The offer price implies an equity value of Dh14.7 billion to Dh14.9 billion ($4.01 billion to $4.05 billion). Assuming all the shares offered are sold, the size of the IPO will be Dh2.21 billion to Dh2.23 billion ($601 million to $607 million). ADNOC expects to sell 1.1 billion ordinary shares, representing 15 per cent of the entity's issued share capital. (The size of the offer could be amended before the end of the subscription period, subject to applicable laws and the approval of the SCA.) The issue has already picked up cornerstone investors, who have committed $180 million. Al Seer Marine Supplies & Equipment Co., the National Marine Dredging Company, Alpha Oryx (ultimately owned by Abu Dhabi Holding Development Company); and Abu Dhabi Pension Fund come in as cornerstone investors and have committed to subscribe in amounts of $70 million,