(Finance) – Abu Dhabi National Oil Company (ADNOC), the state-owned energy company of Abu Dhabi, announced that theIPO of subsidiary ADNOC Logistics & Services Has attracted significant orders and was priced at the highest point of the previously disclosed range. The initial public offering is functional to listing on the Abu Dhabi Securities Exchange (ADX).
The offering saw the largest demand globally for an IPO this year and was strongly underwritten by local, regional and international investors with a total gross demand for the IPO of more than $125 billionwhich implies a subscription level in excess of 163 timesthe highest-ever level of oversubscription for a UAE IPO.
The offer has collected gross proceeds of approximately 769 million dollars, with a capitalization market value of approximately $4.05 billion. ADNOC sold 1.41 billion shares, or one quote by 19%.
“We are delighted with the unprecedented demand for ADNOC L&S shares from UAE retail investors as well as the local, regional and global investor community,” he commented. Khaled Al Zaabi, Group CFO by ADNOC – This offering saw the largest demand globally for an IPO this year to date and hit the highest ever oversubscription for an IPO in the UAE.”
“This record price is the sixth company that ADNOC has successfully brought to market in five years and marks the next notable achievement in our ongoing value creation program,” he added.
ADNOC raised $2.5 billion earlier this year from its listing activities in the gas sector.
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