Abu Dhabi National Oil Company (Adnoc) has completed the placement of 880 million shares in Adnoc Drilling Company, representing 5.5% of the total issued share capital. This will raise the company’s free float to 16.5%. The offering, priced at Dh3.90 per share, saw strong demand from institutional investors in the GCC and internationally.
The settlement of the offering is expected around May 28, 2024. Adnoc will retain 78.5% shareholding and has agreed to a restriction from selling further shares for six months from the closing of the offering.
Khaled Al Zaabi, group chief financial officer, Adnoc, stated, “The significant interest in our offering is testament to Adnoc Drilling’s growth trajectory and exciting future potential. Adnoc looks forward to continued support of Adnoc Drilling as a key catalyst in the Abu Dhabi financial market.”
The increased free float is anticipated to pave the way for inclusion in the MSCI Emerging Market Index at the next quarterly review, subject to meeting all relevant criteria.
EFG Hermes UAE Limited, First Abu Dhabi Bank PJSC, Goldman Sachs International, and J.P. Morgan Securities PLC acted as joint global coordinators and joint bookrunners for the offering.
