Abu Dhabi National Oil Company (ADNOC) has announced successful completion of the bookbuild and public subscription process for the initial public offering (IPO) of ADNOC Drilling Company PJSC
The offering was multiple times oversubscribed, with significant demand from UAE Retail Investors and Qualified Institutional Investors. Total gross demand for the IPO amounted to over US$34bn, implying an oversubscription level in excess of 31 times in aggregate.
Following the completion of the subscription period, the size of the First Tranche (reserved for UAE Retail Investors) was set at 10%; the size of the Second Tranche (reserved for local, regional and international Qualified Institutional Investors) was set at 86%; and the size of the Third Tranche (reserved for ADNOC Group Companies’ Employees and UAE National Retirees) was set at 4%. Investors from the First and Third Tranches will receive an SMS confirmation of their respective allocation on September 30, 2021.
Listing and start of trading on the Abu Dhabi Securities Exchange (“ADX”) are expected to commence at 10:00AM (UAE time) on October 3, 2021, subject to customary closing conditions, under the symbol “ADNOCDRILL” and ISIN “AEA007301012.”
Upon listing on the ADX, ADNOC will continue to own a majority 84% stake in the company, while Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, will retain its 5% shareholding. Helmerich & Payne (H&P) will hold 1% through its IPO cornerstone investment announced on 8 September 2021.
Moelis & Company acted as Independent Financial Adviser.
