The photo has been used for illustrative purpose.
Abu Dhabi National Oil Company (Adnoc) announced on Monday the successful completion of the bookbuild and public subscription process for the initial public offering (IPO) of Adnoc Drilling Company (Adnoc Drilling or the Company) and confirms the previously announced increased offering size from 1,200,000,000 ordinary shares to 1,760,000,000 ordinary shares (“Offer Shares”), equivalent to 11% of total issued share capital, and an offer price of Dhs 2.30 per ordinary share, resulting in gross proceeds of over $1.1 billion to Adnoc, upon settlement.
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 $34 billion, 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 September 8, 2021.
First Abu Dhabi Bank PJSC, Goldman Sachs International, HSBC Bank Middle East Limited and JP Morgan Securities plc acted as Joint Global Coordinators and EFG-Hermes UAE Limited, Emirates NBD Capital PSC, International Securities , Merrill Lynch International and Société Générale acted as Joint Bookrunners. First Abu Dhabi Bank PJSC acted as the lead receiving bank and Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC and Emirates NBD Bank PJSC acted as receiving banks.
The Internal Sharia Supervision Committees of First Abu Dhabi Bank PJSC and HSBC Bank Middle East Limited have issued pronouncements confirming that, in their view, the IPO is compliant with Shariah principles.
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. Adnoc’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates’ economic growth and diversification.
Meanwhile, the UAE Pro League has named the 6th edition of the Adnoc Pro League the ‘Expo 2020 Tour’, to celebrate the coming launch of Expo 2020 Dubai on 1st October, 2021, which is being hosted for the first time in the Middle East, North Africa and South Asia by the UAE.
The sixth edition of the league will adopt the expo’s slogan and promote it on social media.
Abdullah Naser Al Junaibi, Chief of the UAE Pro League Committee, commended the support of the country’s leadership, which will help enhance the UAE’s stature through the expo, and bring together leading decision-makers and specialists.
In 1851 the Crystal Palace was the centrepiece of London’s Great Exhibition – the first World Expo. It celebrated the man-made industrial wonders of a rapidly changing world. Architecture, contents and a theme, ‘Industry of All Nations’, were combined to create a big idea of nations meeting nations in shared technological and commercial progress. In more recent years, participants in World Expos, including governments, international organisations and companies, have gathered to find solutions to universal challenges and to promote their achievements, products, ideas, innovations, their national brand, and their nations as destinations for tourism, trade and investment.
World Expos are held under the auspices of the Bureau International des Expositions (BIE), the intergovernmental organisation responsible for overseeing and regulating international exhibitions (‘Expos’) and for fostering their core values of Education, Innovation and Cooperation. Today, four types of Expos are organised under the BIE’s auspices: World Expos, Specialised Expos, Horticultural Expos and the Triennale di Milano.
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