Abu Dhabi – Mubasher: The distribution unit of Abu Dhabi National Oil Company (ADNOC) cut the nominal value of its stock.

The reduction of the nominal value of ADNOC Distribution's initial public offering (IPO) aimed at enabling more investors to subscribe, said ADNOC’s investment department director Mohamed Al Hashemi.  

The nominal value was estimated at AED 0.08 per share, which is not the share’s real market value and does not reflect the stock's real value that will be traded on the Abu Dhabi Securities Exchange (ADX), he added.  

ADNOC Distribution’s shares will be offered through 'book building', as the price range will be disclosed on 26 November, according to a company statement.

The company’s subscription will start from 26 November to 6 December for individuals and on 7 December for institutions, while the stock will be listed on the ADX on 13 December.