Indicative price range set for ADNOC Distribution’s IPO on ADX

26/11/2017 Argaam

 

Abu Dhabi National Oil Co (ADNOC) set on Sunday an indicative price range between AED 2.35 and AED 2.95 for the initial public offering of its fuel distribution unit.

 

The listing could possibly raise $2 billion to become the UAE’s largest since 2007.

 

ADNOC is selling a minimum of 10 percent, or 1.25 billion shares, and a maximum of 20 percent, or 2.5 billion shares. The share sale starts today and lasts until Dec.7.

 

The company, which was established in 1973, has AED 1 billion in capital. It operates 360 retail service stations in Abu Dhabi, Sharjah, Ajman, Ras Al-Khaimah, Fujairah and Umm Al-Qaiwain.

 

EFG Hermes UAE, HSBC Middle East, and NBAD are lead managers for the IPO.

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