Abu Dhabi's Adnoc Seeking Up to $2 Billion With Unit IPO - Bloomberg

Abu Dhabi's Adnoc Seeking Up to $2 Billion With Unit IPO - Bloomberg:

"Abu Dhabi National Oil Co. may raise $2 billion from the initial public offering of its fuel-retailing unit in an IPO that could be the biggest in the United Arab Emirates in 10 years.

The crude producer will price the shares of Abu Dhabi National Oil Co. for Distribution PJSC in a range of 2.35 dirhams (64 cents) to 2.95 dirhams, according to an advertisement published in Gulf News. Based on that estimate, the unit is valued at $8 billion to $10 billion.

IPO activity in the U.A.E. is showing signs of picking up after only two deals were completed throughout 2015 and 2016. Emaar Properties PJSC raised $1.3 billion from the sale of shares in its development unit earlier this month, while Mubadala Investment Co. expects to IPO its Emirates Global Aluminium unit next year."



'via Blog this'