ADNOC intends to list its subsidiary ADNOC Drilling on the Abu Dhabi stock exchange.
At the same time, to sell 7.5% of its shareholding.
ADNOC sells 7.5% of its drilling unit
ADNOC is gearing up for the second IPO of one of its companies.
In 2017, the state-owned company listed ADNOC Distribution, the largest operator of service stations and convenience stores in the United Arab Emirates (UAE).
In fact, the gradual increase in ADNOC Disitribution’s share price is reassuring for ADNOC Drilling’s future.
In addition, ADNOC has retained the right to increase the size of the offer at any time prior to pricing.
The offer and price range are expected on September 13, 2021.
The final offer price will be set on September 27, 2021.
Finally, the listing of the shares on the stock exchange is currently scheduled for October 2021.
ADNOC owns 95% of ADNOC Drilling
ADNOC also owns 95% of the largest drilling company in the Middle East.
The remaining 5% is held by Baker Hughes.
ADNOC Drilling said it would take advantage of ADNOC’s projects, which supply nearly 3% of the world’s oil demand.
These aim to increase its crude oil production capacity to 5 million barrels per day (bpd), compared with around 4 million bpd at present.
And to produce 1 billion cubic feet per day of unconventional gas by 2030.
Further IPOs planned for 2022
At the same time, ADNOC plans to float Fertiglobe, a fertilizer joint venture with Dutch-listed chemical producer OCI, on the stock exchange later this year.
In this way, the UAE is seeking to stimulate stock market listings by encouraging public entities to monetize their assets.
