Adnoc Drilling seeks to raise about $750 million
The drilling subsidiary of Abu Dhabi National Oil Company (ADNOC) seeks to raise about US $750 million from its shares.
Its shares have been priced at Dh2.30 (0.63 cents) each, implying an equity value of US $10 billion, the energy company said in a statement on Monday.
“The decision to set the price per share also reiterates one of ADNOC’s key objectives to further support the growth, strength and diversification of the UAE and Abu Dhabi equity capital markets,” said the statement.
The subscription period for the offer opens today, September 13, and will close on September 23 for UAE retail investors and on September 26 for qualified domestic and international institutional investors, the statement announced.
Adnoc Drilling shares are expected to list on the Abu Dhabi Securities Exchange on October 3.
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