Adnoc raises $935m in latest drilling unit share sale – The National

Adnoc raises $935m in latest drilling unit share sale – The National

Adnoc raised $935 million by selling 880 million additional shares in its drilling unit to institutional investors after recording strong demand for the offering.The share sale representing 5.5 per cent of Adnoc Drilling’s total issued share capital registered robust demand from investors in the GCC and globally, the company said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.The shares were sold for Dh3.90 ($1.06) each, nearly 70 per cent above the initial public offering price of Dh2.30 per share and a 5.6 per cent discount to the company’s closing price on Wednesday.The company's shares were trading were trading 3.87 per cent higher at Dh4.29 per share at 11.30am UAE time on Thursday, after closing at Dh4.13 the previous day.The latest offering will increase Adnoc Drilling’s free float to 16.5 per cent, with its parent retaining a majority stake in the company.A higher free float is expected to help Adnoc Drilling to be included in the Morgan Stanley Capital International Emerging Market Index.The MSCI Emerging Markets Index is a broad index that includes a large number of stocks from 24 emerging market countries, covering about 85 per cent of the total market capitalisation