UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) has increased the size of the initial public offering (IPO) of ADNOC Drilling Company (ADNOC Drilling) from 1.2 billion ordinary shares to 1.76 billion ordinary shares, equivalent to 11% of ADNOC Drilling’s total issued share capital.

Based on significant investor demand and the oversubscription across all tranches, this step was taken following the approval from the UAE Securities and Commodities Authority (SCA), according to a press release on Wednesday.

Upon the IPO's completion, ADNOC will continue to hold a majority 84% stake in ADNOC Drilling, while Baker Hughes will keep its 5% stake.

The offer price of AED 2.30 per share remains unchanged.

In addition, ADNOC seeks to raise the tranches' size reserved for UAE retail investors, including ADNOC Group companies’ employees and UAE national retirees.

The subscription period for ADNOC Drilling IPO will close on 23 September 2021 for UAE retail investors and on 26 September 2021 for domestic and international institutional investors.

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