DUBAI: After raising more than $1.1 billion through an IPO, ADNOC drilling, the drilling unit of the state-owned oil giant Abu Dhabi National Oil Company, will start trading on the Abu Dhabi Securities Exchange on Sunday.
The company said it will start trading on the Abu Dhabi bourse under the symbol ADNOCDRILL and ISIN AEA007301012.
Adnoc sold 1.76 billion shares of Adnoc Drilling, at an offer price of Dh2.30 per ordinary share last week.
After listing on the ADX, ADNOC will continue to own a majority 84 percent stake in the Company, while Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, will retain its 5 percent shareholding.
Helmerich & Payne (H&P) will hold 1 percent through its IPO cornerstone investment announced on September 8.
Adnoc Drilling is expected to be among the top 10 largest companies on the ADX, based on a market capitalization at the listing of approximately $10bn.
“Today’s listing will enable domestic and international investors alike to benefit from the growth trajectory of a company that sits at the very heart of Adnoc’s ambitious growth plans,” Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Managing Director and Group chief executive, said.