Adnoc Distribution sets pricing for IPO on Abu Dhabi bourse - The National

Adnoc Distribution sets pricing for IPO on Abu Dhabi bourse - The National:

"Adnoc Distribution, which intends to list on the Abu Dhabi stock market next month, has opened the subscription of its initial public offering (IPO), setting the pricing between Dh2.35 and Dh2.95 per share. At this price range and on a 12.5 billion share count, this equates to approximately $8 to $10 billion in equity value, Adnoc Group chief executive Sultan Al Jaber said in a statement. “The planned IPO of Adnoc Distribution is centered around Adnoc’s recently announced strategy to more actively manage our assets and capital and represents a key milestone in the company’s ongoing transformation,” Mr Al Jaber said. “It will also support the continued evolution of Adnoc Distribution and accelerate growth of the business. Adnoc Distribution has enormous potential and we believe this IPO will help unlock the inherent value in the business. We see multiple areas for growth in the business – new initiatives in fuel retail sales, further expansion and leveraging of our market leading convenience store platform, as well as growing our commercial fuel distribution business and increasing our regional footprint.”"



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