Adnoc Drilling IPO raises $1.1bn

摘要

ABU Dhabi National Oil Company (Adnoc) has raised more than $1.1 billion through an initial public offering of its Adnoc Drilling subsidiary, which was oversubscribed multiple times by local, regional and international investors. The Emirati state-owned giant said on Monday that total "gross demand for the IPO amounted to over $34 billion, implying an oversubscription level in excess of 31 times in aggregate". Adnoc had initially offered a 7.5% stake in the IPO but later increased the offering size from 1.2 billion ordinary shares to 1.76 billion ordinary shares, "equivalent to 11% of the total issued share capital". An offer price of 2.30 dirhams ($0.63) per ordinary share, will result in gross proceeds of more than $1.1 billion to Adnoc, it added.