“ADNOC” completes the subscription of “ADNOC Drilling” shares… and raises 4 billion dirhams

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The Abu Dhabi National Oil Company (ADNOC) announced yesterday the end of the subscription process for the shares of ADNOC Drilling, achieving total revenues of more than four billion dirhams upon the final settlement of the shares in the subscription process.

ADNOC had announced an increase in the number of shares offered in the initial public offering of “ADNOC Drilling” from 1.2 billion shares to 1.76 billion ordinary shares, at a price of 2.30 dirhams per ordinary share, equivalent to 11% of the total capital of “ADNOC Drilling”.

ADNOC said in a statement that the coverage of the offering exceeded the target value, through a significant increase in demand from individual investors and institutions eligible for subscription, as the total demand for the shares of the public offering amounted to 127 billion dirhams, which is 31 times the target value of the offering.

She explained that after the end of the subscription period, the first tranche reserved for individual investors in the UAE was allocated by 10%, the second tranche reserved for qualified investors from local and international institutions by 86%, and the third tranche reserved for employees of the ADNOC group of companies and retired UAE nationals by 4%. .

According to the statement, investors from the first and third tranches will receive a text message to confirm the number of shares allocated to each of them, on September 30, 2021.

It is expected that ADNOC Drilling’s shares will be listed and traded on the Abu Dhabi Securities Exchange on the 3rd of October 2021, according to the usual closing conditions, under the symbol “ADNOCDRILL” and “ISIN AEA007301012”.

ADNOC will remain after the end of the listing process on the Abu Dhabi Securities Exchange, which owns the majority stake in ADNOC Drilling, which amounts to 84%, while Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, will remain. , with its 5% stake in the company, while Helmreich & Payne owns 1% through its investment in ADNOC Drilling, which was announced on September 8, 2021.

Coordinating and receiving banks

First Abu Dhabi Bank, Goldman Sachs International, HSBC Bank Middle East Limited and JPMorgan Securities plc have been appointed as joint global coordinators, while EFG Hermes UAE has been appointed. Ltd., and Emirates NBD Capital are joint bookrunners.

First Abu Dhabi Bank acted as the main receiving bank for the subscriptions, while Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Emirates NBD were appointed as receiving banks. Mollis & Co. acted as the financial advisor.

The two internal Shariah Supervisory Committees of First Abu Dhabi Bank and HSBC Bank Middle East issued statements confirming the compatibility of the public offering with the principles of Islamic Sharia.

127 billion dirhams, the total demand for the shares of the public offering.

“ADNOC” will remain after the end of the listing on the Abu Dhabi Securities Exchange, which owns the majority stake in “ADNOC Drilling”.

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