Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) on Wednesday announced that it had reduced the price range for its distribution unit’s IPO to AED 2.35 from AED 2.65.
The company will sell only a 10% stake in its unit, in total consideration of $900 million, according to Reuters.
“The price cut reflects a cautious attitude among institutional investors who have become price-sensitive,” Reuters reported.
ADNOC stated earlier that the final IPO’s price per share will be disclosed on 8 December, while ADNOC Distribution’s stock was planned to be listed on the Abu Dhabi Securities Exchange (ADX) on 13 December.
