ADNOC completes bookbuilding for drilling unit IPO raising over $1.1 bln | Reuters
State oil giant Abu Dhabi National Oil Co (ADNOC) has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion, it said on Monday.
The offering was oversubscribed, with total gross demand amounting to more than $34 billion, it said in a statement.
"Upon settlement, ADNOC Drilling's IPO will be the largest ever ADX (Abu Dhabi Securities Exchange) listing, further bolstering the UAE and Abu Dhabi's equity capital markets," it said.
A tranche for United Arab Emirates retail investors was set at 10% and a tranche for local, regional, and international institutional investors at 86%, with the remaining 4% to be allocated to ADNOC employees and UAE retirees.
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