The Abu Dhabi National Oil Company “ADNOC” announced the listing of “ADNOC Drilling” as a public joint stock company on the Abu Dhabi Securities Exchange today. This follows an initial public offering of ADNOC Drilling shares, through which ADNOC raised revenues of more than 4 billion dirhams, making this IPO the largest ever listing on the Abu Dhabi Securities Exchange to date and the first listing in the newly opened new headquarters of the Abu Dhabi Securities Exchange. . This important achievement will contribute to promoting the growth and expansion of the local capital markets in Abu Dhabi, and will also support the development of the UAE economy and the private sector in line with the UAE’s 50 Principles, which chart a clear path for sustainable economic growth. The public offering of ADNOC Drilling’s shares witnessed a large turnout from individual and institutional investors eligible for the subscription, as the total demand for the public offering shares amounted to 127 billion dirhams, and the offering coverage exceeded 31 times the target value for all investor segments..ADNOC Drilling is expected to be among the top 10 companies In the Abu Dhabi Securities Exchange, with a market value of 36.7 billion dirhams upon listing, which contributes to supporting the diversification of sectors in the Abu Dhabi Securities Exchange and enhancing its attractiveness and ability to provide more options and investment opportunities. On this occasion, His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of the Abu Dhabi National Oil Company “ADNOC” and its group of companies, said before the bell ringing, marking the start of trading: “In line with the directives of the wise leadership to achieve maximum value from all of ADNOC’s business, comes The listing of “ADNOC Drilling” on the Abu Dhabi Securities Exchange represents a new achievement within ADNOC’s strategy to enhance value, and confirms ADNOC’s commitment to the 50 principles set by the wise leadership to launch a new era of growth in the UAE for the next fifty years.. This listing will provide more opportunities for local and international investors. To benefit from the successful growth path of ADNOC Drilling, which is a key enabler for the implementation of ADNOC’s smart growth plans and the expansion and development of its business.. We are confident that this successful subscription will support the growth and expansion of the local capital markets, as well as contribute to enhancing diversification and economic growth in the UAE through Attracting foreign direct investment. He added: “The great demand for this subscription, and the offering coverage exceeding the target value by dozens of times, reflects the great confidence of investors in ADNOC Drilling and the attractiveness of the opportunities offered by ADNOC. It also confirms the position of the UAE as a reliable and attractive global economic and investment destination… After nearly 50 years of Continuous success and growth, the listing of “ADNOC Drilling” on the Abu Dhabi Securities Exchange represents a major achievement that marks the beginning of a new phase in its path as a public company, with ADNOC retaining the majority share and continuing its commitment to supporting the company’s growth and success in the long term.” The high turnout of investors for the initial public offering is an indication of the attractiveness of investing in ADNOC Drilling, which is the largest drilling company in the Middle East in terms of the size of the rig fleet and the only provider of drilling operations for ADNOC companies operating in the field of exploration and exploration, in addition to the unique relationship with ADNOC, which It ensures the stability and continuity of its operations..The IPO is also a new step in ADNOC’s strategy to create and enhance value, which will ensure the company’s flexibility and dynamism and enhance its ability to take full advantage of emerging opportunities along the entire energy sector value chain..The IPO of ADNOC Drilling shares also represents a sign The Abu Dhabi Securities Exchange, which witnessed a wide turnout, led to a significant increase in the demand for investor numbers (NIN) by individuals in the UAE, which contributed to supporting the development and growth of the Abu Dhabi Securities Exchange and enhancing its ability to attract more investors. future listings. For his part, His Excellency Mohammed Ali Al Shurafa Al Hammadi, Chairman of the Abu Dhabi Securities Exchange Board of Directors, said: “The listing of ADNOC Drilling is a significant event for us in the Abu Dhabi Securities Exchange, which will enhance the capital market and provide a unique opportunity for investors to benefit from an important sector. and thriving economy of the Emirate.. The Abu Dhabi Securities Exchange is proud to play a major role in Abu Dhabi’s economic diversification strategy by attracting strong and fast growing companies to the dynamic capital market.. The strong performance of the securities listed in Abu Dhabi this year reflects the interest that the market has received on Global arena Abu Dhabi’s commitment to maintaining a transparent regulatory environment and providing attractive investment opportunities. Abdul Rahman Abdullah Al-Sayari, CEO of ADNOC Drilling, said: “The success of the initial public offering and the listing of ADNOC Drilling on the Abu Dhabi Securities Exchange reflects the great confidence in ADNOC Drilling and its pivotal role in enabling ADNOC to explore and develop energy resources and harness them to serve the country for nearly a period of time. For 50 years, ADNOC Drilling has achieved continuous development through a long-term contractual relationship with the ADNOC Group companies and its plans to continue its role as a key link in implementing ADNOC’s ambitious plans and goals to increase its oil production capacity to 5 million barrels per day and achieve gas self-sufficiency for the UAE .. I would like to thank all the employees of ADNOC Drilling for their dedication and sincere efforts that made this achievement possible, and I look forward to starting a new phase as a listed company on the Abu Dhabi Securities Exchange.” Saeed Hamad Al Dhaheri, CEO of the Abu Dhabi Securities Exchange, said: “We are pleased to welcome the listing of ADNOC Drilling, which is the second initial public offering in the market this year. The listing of ADNOC Drilling will attract new investors and issuers, and enhance the market value, which exceeded one trillion dirhams for the first time in 2021.. This index of the Abu Dhabi Securities Exchange broke the 7800 points barrier for the first time in its history, achieving significant growth, which contributed to its position We will continue to offer new products and services in the coming period to increase market liquidity and take advantage of financing opportunities that have been greatly enhanced since the launch of “Q Market Maker” last October.” On September 13, 2021, ADNOC announced the pricing of the IPO share of ADNOC Drilling at AED 2.30 per share, following the announcement of its intention to offer a minority stake in ADNOC Drilling shares on September 6, 2021. Then, on September 22, the company announced an increase in the percentage of shares in Initial public offering from 7.5% to 11%. After the subscription period ended, the first tranche was allocated to individual investors in the UAE by 10%, the second tranche to qualified investors from local and international institutions by 86%, and the third tranche to employees of the ADNOC Group of companies and retired UAE nationals by 4%. Trading in ADNOC Drilling’s shares began on the Abu Dhabi Securities Exchange under the symbol “ADNOCDRILL” and ISIN “AEA007301012” at 10 am today, Sunday, October 3, UAE time, and is subject to the usual closing conditions.
Source: Al Ittihad – Abu Dhabi