The Abu Dhabi National Oil Company (ADNOC) announced the listing of ADNOC Drilling as a public joint stock company on the Abu Dhabi Securities Exchange today.
This comes in the wake of an initial subscription to ADNOC Drilling, through which ADNOC collected revenues of more than four billion dirhams, making this IPO the largest ever listing on the Abu Dhabi Securities Exchange so far and the first listing in the new headquarters of the market that was opened. finally.
This achievement will contribute to promoting the growth and expansion of the local capital markets in Abu Dhabi, and will also support the development of the UAE economy and the private sector in line with the “Fifty Principles” of the UAE, which chart a clear path for sustainable economic growth.
The IPO of ADNOC Drilling witnessed a large turnout from individual and institutional investors eligible for the subscription, as the total demand for the public offering shares amounted to 127 billion dirhams, and the offering coverage exceeded 31 times the target value for all segments of investors.
ADNOC Drilling is expected to be among the top 10 companies in the Abu Dhabi Stock Exchange in terms of market value of 36.7 billion dirhams upon listing, which contributes to supporting the diversification of sectors in the Abu Dhabi market and enhancing its attractiveness and ability to provide more options and investment opportunities.
The Minister of Industry and Advanced Technology, Managing Director and CEO of the Abu Dhabi National Oil Company (ADNOC) and its group of companies, Dr. Sultan bin Ahmed Al Jaber, said before the bell ringing ceremony marking the start of trading: “The listing of (ADNOC Drilling) on the Abu Dhabi Securities Exchange represents a new achievement within the strategy of (ADNOC) to enhance value, and to confirm (ADNOC) commitment to the (Fifty Principles) set by the wise leadership to launch a new era of growth in the UAE for the next fifty years.
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