Saudi Arabia has begun to explore extracting lithium from sea water
Global oil giant, Abu Dhabi National Oil Company (Adnoc), announced on Monday that it has set the offer price per share for the initial public offering of Adnoc Drilling Company at Dh2.30, implying an equity value of $10 billion.
The IPO, which opened on Monday, is expected to list on the ADX on or around 3rd October, 2021.
Adnoc is expected to sell a minimum 7.5 per cent stake, or 1.2 billion shares in the IPO to raise at least $750 million in the deal. However, it reserved the right to increase the size of the offering at any time before the end of the subscription period.
The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of Adnoc Distribution, the largest operator of petrol stations and convenience stores in the UAE.
The offer price was determined following investor engagement that saw significant strong initial demand indications from both local and international investors, ahead of the start of the subscription period, which opened on Monday, Adnoc said in a statement.
Adnoc and Adnoc Drilling believe the offer price per share provides investors with a highly attractive value proposition that reflects Adnoc’s long-term confidence in Adnoc Drilling’s growth trajectory. This decision also reflects Adnoc’s prioritisation of a supportive aftermarket performance post-listing.
“The decision to set the price per share also reiterates one of Adnoc’s key objectives to further support the growth, strength and diversification of the UAE and Abu Dhabi equity capital markets,” said the oil giant.
The subscription period for the Adnoc Drilling IPO will close on 23rd September for UAE retail investors and on 26th September for qualified domestic and international institutional investors.
The IPO is the latest move by Gulf oil giants Adnoc and Saudi Aramco to raise cash from outside investors as they try to diversify sources of income in their oil-dependent economies. Saudi Aramco listed in late 2019, raising $29.4 billion in the world’s biggest IPO.
— issacjohn@khaleejtimes.com
Saudi Arabia has begun to explore extracting lithium from sea water
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