Abu Dhabi National Oil Company “ADNOC PJSC” announced today that it has completed the offering of 880 million shares allocated to institutional investors from the shares of “ADNOC Drilling” (referred to as “ADNOC Drilling” or “the Company”), whose shares are traded on the market. Abu Dhabi Securities Exchange under the symbol “ADNOCDRILL” and the international identification number “AEA007301012”.
This offering represents 5.5% of the total capital of ADNOC Drilling, and will contribute to increasing the free trading of the company’s shares to 16.5%.
The offering witnessed strong demand from investment institutions in the Gulf Cooperation Council countries and the world, and was priced at 3.90 dirhams per share, approximately 70% higher than the initial public offering price of 2.30 dirhams per share, and included a 5.6% discount on the company’s share price. Upon closing on May 22, 2024.
The offering is expected to be settled on or around May 28.
ADNOC will continue to retain the majority of its shares, which constitute 78.5% in the company, and has also agreed not to sell more of its shares for a period of six months from the completion of the offering process, taking into account the usual exceptions.
Khaled Al Zaabi, Chief Financial Officer at ADNOC, said: “The strong interest in the offering from local and international investors reflects the upward growth trajectory that ADNOC Drilling has witnessed since the IPO and the company’s promising future growth potential. ADNOC will continue to support ADNOC Drilling.” “, in line with its strategic growth initiatives, and its role as a key catalyst and important enabler of the continued diversification and development of the Abu Dhabi Securities Market.”
It is expected that after completing the offering, free trading in the company’s shares will provide a path towards its inclusion in the Morgan Stanley Capital International Emerging Markets Index (MSCI), which is expected to be implemented during the next quarterly review, taking into account that ADNOC Drilling meets all relevant listing standards, in Broadly diversify the investor base and highlight its distinctive investment value.
#ADNOC #completes #offering #million #shares #ADNOC #Drilling #institutional #investors