Abu Dhabi National Oil Co. (Adnoc) on Sunday set an indicative price range for the IPO of its distribution unit that could raise as much as $2 billion.
Adnoc for Distribution priced the IPO at Dh2.35 to Dh2.95 and will sell a maximum 2.5 billion shares or 20 per cent stake.
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The Adnoc IPO is set to be the biggest IPO in the UAE since 2007 when DP World raised nearly $5 billion, according to Reuters.
The sale starts from today. The last date for subscription for the first tranche will be on December 6, and for the second tranche will be on December 7.
At the top of the price range, the deal could be valued at Dh7.375 billion, assuming it sells a maximum 20 percent. The listing will take place on Abu Dhabi Securities Exchange on December 13.
Adnoc pumps most of the crude in the UAE, a member of the Organisation of Petroleum Exporting Countries that accounts for about 6 per cent of global reserves.
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Saudi Arabia plans to list 5 percent of Aramco by the end of next year, which Saudi officials say could raise $100 billion, making it the world’s biggest IPO.
