Abu Dhabi - Mubasher: Abu Dhabi National Oil Company (ADNOC) will list on Sunday ADNOC Drilling Company on the Abu Dhabi Securities Exchange (ADX).

ADNOC Drilling's IPO will secure more than $1.1 billion, to become the largest ADX listing to date and the first issuance on the newly inaugurated ADX premises, according to a press release on Sunday.

Upon listing, the company is forecast to be among the top ten largest companies on the ADX, based on a market capitalisation at the listing of around $10 billion.

Oversubscribed 31 times, the offering recorded a total gross demand for the IPO valued at more than $34 billion.

The UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, Sultan Ahmed Al Jaber, said: "This highly successful IPO will further strengthen and broaden Abu Dhabi’s vibrant equity capital markets, while driving the UAE’s economic growth, diversification and attracting foreign direct investment."

Meanwhile, the Chairman of ADX, Mohammed Ali Al Shorafa Al Hammadi, commented: "ADX is proud to be playing a key role in Abu Dhabi’s economic diversification strategy by successfully attracting robust and fast-growing companies to our vibrant capital market."