DUBAI, September 13 (Hfrance.fr) - State oil giant Abu Dhabi National Oil Co (ADNOC) has set a price for the public offering initial drilling unit, giving ADNOC Drilling a stock valuation of $ 10 billion, he said on Monday.
ADNOC will sell a Minimum 7.5% stake in ADNOC Drilling IPO at 2.3 dirhams ($ 0.6262) per share, raising at least $ 750 million in the deal.
The sale is the second IPO of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution, the largest operator of gas stations and convenience stores in the United Arab Emirates.
ADNOC will sell a minimum of 1.2 miThe share price in the IPO, according to the prospectus, but it reserves the right to increase the size of the offer at any time before the end of the offer period.
The valuation of the shares is similar to that in 2018, when ADNOC sold a 5% stake in ADNOC Drilling to Baker Hughes.
The planned IPO is the latest move by Gulf oil giants ADNOC and Saudi Aramco to raise funds from outside investors as they attempt to (2222.SE) listed in late 2019, raising 29.4 billion of dollars at the world's largest IPO.
The offer price was determined by ADNOC and ADNOC Drilling, following strong inInitial application dications from local and international investors, ADNOC said.
The solicitation period opens on Sunday and will end on September 23 for UAE retail investors and September 26 for qualified domestic and international institutional investors.
ADNOC Drilling is expected to be listed on the Stock Exchange of Abu Dhabi ge (ADX) on or around October 3, he said.
($ 1 = 3.6728 UAE dirham ) Report by Saïd Azhar; edited by Richard Pullin
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