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ADNOC Drilling’s IPO raised $ 34 billion, having been oversubscribed 31 times.
Yesterday, the subscription of qualified investors from local and international institutions to the public offer of ADNOC Drilling shares was completed, at a price of 2.3 dirhams per share, to close with the initial public offer of the shares. of the company, which debuted on September 13.
The offer price will be 2.3 dirhams and listing will begin on October 3.
Abu Dhabi’s national oil company “ADNOC”, which owns the majority of ADNOC Drilling shares, announced last Wednesday that the number of shares offered under ADNOC Drilling’s initial public offering had increased from 1.2 billion ordinary shares to 1.76 billion ordinary shares. , equivalent to 11% of the total capital of ADNOC Drilling Company, after obtaining the approval of the country’s Securities and Commodities Authority.
After the completion of the IPO, ADNOC becomes the majority owner of ADNOC Drilling, which stands at 84%, while Baker Hughes, who entered into a strategic partnership with ADNOC Drilling in October 2018, retains its stake of 5% in the company.
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