ADNOC Distribution IPO raises $851 mln
Abu Dhabi 
ABU DHABI, December 11, 2017 – ADNOC Distribution priced its shares at AED 2.50 (USD 0.68) Friday, raising AED 3.1 billion (USD 851 million) for the marketing arm of Abu Dhabi’s NOC.
The company is selling 10% of shares, with 90% going to qualified investors – 60% local, 30% international – and 10% to individual and other investors. The retail tranche was oversubscribed 22 times. Listing and trading is set to begin at 10.00 am Wednesday.
“We are pleased to announce today the offer price for shares in the landmark IPO of ADNOC Distribution, the largest IPO on the Abu Dhabi Securities Exchange in over a decade. This important and strategic offering represents a unique opportunity for investors to own a stake in the UAE’s number one fuel retail brand, and largest network of retail convenience stores,” said Sultan Ahmed Al Jaber, the CEO of ADNOC Group, in a statement.
In November, Abu Dhabi Crude Oil Pipeline issued and closed a USD 3-billion bond. The offering was oversubscribed three and a half times, drawing USD 11 billion in orders from both regional and international investors.
Read our latest insights on:
More content from Abu Dhabi
Latest news and features
