Investor Bet on Middle East Oil Play Pays Off in Abu Dhabi IPO - Bloomberg:
"Investors who bet on exposure to Middle East oil got it right, at least on the first trading day of shares in a unit of Abu Dhabi’s oil giant. The stock of Abu Dhabi National Oil Co. for Distribution PJSC, the fuel retailing unit of Adnoc, soared as much as 16 percent to 2.90 dirhams in early trading. They pared gains to 2.77 dirhams at 10:51 a.m. in Abu Dhabi, which pumps most of the crude in OPEC member United Arab Emirates. “It’s interesting for investors to own Adnoc Distribution because forecasts are indicating a rise in oil price, which can increase profit margins,” said Issam Kassabieh, equities analyst at Menacorp Financial Services in Dubai. “The offer was oversubscribed to retail by more than 20 times, and having a local fuel distributor listed will add more transparency to the sector in general.”"
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