Abu Dhabi – Mubasher: ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION (ADNOC) on Friday announced specifying the price of its ordinary shares in the firm’s initial public offering (IPO) at AED 2.5 per share, said Emirates News Agency (WAM).
Trading on ADNOC’s shares is expected to start on the Abu Dhabi Securities Exchange (ADX) by 10:00 am on Wednesday, 13 December, under the symbol "ADNOCDIST".
Based on the IPO’s price, the firm’s market capitalisation will amount to AED 31.3 billion ($8.5 billion) while listing, and the shares will number will be 1.250 billion, representing 10% of the company’s capital.
After the IPO, Abu Dhabi National Oil Company (ADNOC) will remain owning 90% stake of its subsidiary.
The value of sold ordinary shares amounted to AED 3.1 billion ($851 million).
After the heavy demand on the IPO, the ratio of the individual investors will be increased to 10% of the IPO’s total value.
ADNOC’s unit IPO for institutional tranches ended on Thursday, 7 December.
