UAE - Mubahser: The Abu Dhabi National Oil Company (ADNOC) has announced an AED 2.3 offer price per share for the initial public offering (IPO) of ADNOC Drilling, the Emirates News Agency (WAM) reported.

The offer price has been set by ADNOC as a selling shareholder and ADNOC Drilling, following the strong initial demands from local and international investors before the beginning of the subscription period, which opens on Monday.

This step is in line with ADNOC’s objectives to further support the growth and diversification of the UAE and Abu Dhabi equity capital markets.

The subscription period for the ADNOC Drilling IPO will close on 23 September for UAE retail investors and on 26 September for qualified domestic and international institutional investors.

ADNOC Drilling is expected to list on the Abu Dhabi Securities Exchange (ADX) on or around 3 October 2021.