Oil giant ADNOC to sell minimum 7.5% stake in drilling unit's IPO | Reuters
ADNOC Drilling said on Monday it intended to list on the Abu Dhabi bourse, with its parent company Abu Dhabi National Oil Co (ADNOC) selling a minimum 7.5% stake in an initial public offering (IPO).
This is the second public flotation of a company owned by the Abu Dhabi oil giant after it listed ADNOC Distribution , the largest operator of petrol stations and convenience stores in the United Arab Emirates, in 2017.
"The successful listing of ADNOC Distribution and the way the share price increased gradually ... till the inclusion in the MSCI EMI is a proven road-map of success that all investors will believe ADNOC Drilling will also follow," said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital.
Gulf oil majors ADNOC and Saudi Aramco have raised cash from outside investors in recent years to diversify sources of income in their oil-dependent economies.
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