ADNOC Drilling IPO price implies equity valuation of $10 billion | Reuters

ADNOC Drilling IPO price implies equity valuation of $10 billion | Reuters

State oil giant Abu Dhabi National Oil Co (ADNOC) has set a price for the initial public offering of its drilling unit, giving ADNOC Drilling an equity valuation of $10 billion, it said on Monday.

ADNOC will sell a minimum 7.5% stake in the IPO of ADNOC Drilling at 2.3 dirhams ($0.6262) per share, raising at least $750 million in the deal.

The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution , the largest operator of petrol stations and convenience stores in the United Arab Emirates.

ADNOC will sell a minimum 1.2 billion shares in the IPO, according to the prospectus, but it reserved the right to increase the size of the offering at any time before the end of the subscription period.