ADNOC Distribution shares start trading

Abu Dhabi

ABU DHABI, December 13, 2017 – ADNOC Distribution debuted on the Abu Dhabi stock exchange Wednesday, opening at AED 2.90, 16% above the IPO price.

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.

“We were extremely pleased with the demand for this landmark IPO. We received substantial interest from the international investment community, as well as an overwhelming response from investors in the UAE. We now look forward to delivering the business and growth objectives of ADNOC Distribution, as well as the long term, sustainable returns and benefits to our new investors and the UAE,” CEO Sultan Ahmed Al Jaber said in a statement.

The company sold 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.

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