DUBAI (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) has increased to 11% of share capital the size of the initial public offering (IPO) of its drilling unit, ADNOC Drilling, because of oversubscription, the firm said on Wednesday.
FILE PHOTO: A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019.
REUTERS/Christopher Pike/File PhotoADNOC had previously targeted a minimum stake of 7.5% in the IPO of ADNOC Drilling, at 2.3 dirhams ($0.6262) per share.
In a statement it said the price had not changed but the number of ordinary shares offered was raised to 1.76 billion from 1.2 billion, which would correspond to a $1.1 billion transaction, according to Reuters calculations.
“The new offering size was determined by ADNOC, as the selling shareholder, based on significant investor demand and the considerable oversubscription across all tranches,” it said.
Christopher Pike, ADNOC, ” ADNOC, Baker Hughes
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