Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) may raise $2 billion from its distribution unit’s initial public offering (IPO), some informed sources said on Sunday.
ADNOC will price the distribution unit’s IPO in a range of AED 2.35 per share to AED 2.95 per share, the sources told Reuters.
This estimate brings the distribution unit’s total value to an amount ranged between AED $8 billion and $10 billion, they revealed, according to the news agency.
“The planned listing comes as Abu Dhabi is pushing its state companies to float on the bourse, hoping to lure foreign investors with privatisations after a fall in oil prices since the middle of 2014,” Reuters concluded.
Earlier in November, ADNOC stated that it planned to offer 1.25 billion to 2.5 billion shares of its distribution unit, adding that investors could trade the stock on 13 December.
