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 great demand from individual and institutional investors eligible for the subscription, as the total demand for the shares of the public offering amounted to 127 billion dirhams, and the offering coverage exceeded 31 times the target value for all segments of investors.
It is expected that ADNOC Drilling will be among the top 10 companies in the Abu Dhabi Stock Exchange in terms of market value of 36.7 billion dirhams upon listing, which contributes to supporting the diversification of sectors in the Abu Dhabi Stock Exchange and enhancing its attractiveness and ability to provide more options and investment opportunities.
On this occasion, 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 to mark the start of trading: “In line with the wise leadership’s directives to achieve maximum value from all of ADNOC’s business, the listing of ADNOC comes To dig in the Abu Dhabi Securities Exchange, to represent a new achievement within ADNOC’s strategy to enhance value, and to confirm 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.”
He continued, “This listing provides 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.”
He added, “We are confident that this successful subscription will support the growth and expansion of the local capital markets, and will contribute to enhancing diversification and economic growth in the UAE by attracting foreign direct investment.”
He explained: “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 success and growth.” Continuing, 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 stake and its continued commitment to supporting the company’s long-term growth and success.”
The high demand from investors for the initial public offering is an indication of the investment attractiveness of 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’s exploration and drilling companies, in addition to the unique relationship with ADNOC. that ensures the stability and continuity of its operations.
The IPO is also a new step in ADNOC’s value creation strategy, which will ensure the company’s resilience 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 also represents a milestone in the progress of the Abu Dhabi Securities Exchange, as this listing, which witnessed a wide turnout, led to a significant increase in the demand for investor numbers by individuals in the UAE, which contributed to supporting the development and growth of the Abu Dhabi Securities Exchange. and enhance its ability to attract more listings in the future.