 |
Louisiana Light • 2 days | 84.25 | -2.54 | -2.93% | ||
|
Bonny Light • 19 hours | 84.86 | -0.57 | -0.67% | ||
|
Opec Basket • 2 days | 87.17 | -1.55 | -1.75% | ||
|
Mars US • 181 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 30 mins | 2.603 | +0.006 | +0.23% |
|
Bonny Light • 19 hours | 84.86 | -0.57 | -0.67% | ||
|
Girassol • 19 hours | 85.78 | -0.59 | -0.68% | ||
|
Opec Basket • 2 days | 87.17 | -1.55 | -1.75% |
|
Peace Sour • 18 hours | 72.20 | -2.93 | -3.90% | ||
|
Light Sour Blend • 18 hours | 75.25 | -2.93 | -3.75% | ||
|
Syncrude Sweet Premium • 18 hours | 82.20 | -2.93 | -3.44% | ||
|
Central Alberta • 18 hours | 72.60 | -2.93 | -3.88% |
|
Eagle Ford • 2 days | 75.48 | -2.93 | -3.74% | ||
|
Oklahoma Sweet • 2 days | 75.50 | -2.75 | -3.51% | ||
|
Kansas Common • 3 days | 72.25 | -0.75 | -1.03% | ||
|
Buena Vista • 4 days | 87.60 | -1.22 | -1.37% |
Breaking News:
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UAE’s Oil Drilling Unit IPO Attracts $34 Billion In Orders
Abu Dhabi National Oil Company (ADNOC) said on Monday that the initial public offering of its unit ADNOC Drilling attracted $34 billion in total gross demand in the bookbuilding process that raised over $1.1 billion.
At the beginning of this month, ADNOC said it intended to list at least 7.5 percent of ADNOC Drilling shares in an initial public offering that could become the largest share sale in the United Arab Emirates (UAE).
Later in September, ADNOC raised the share of ADNOC Drilling it would list to 11 percent, which was estimated by analysts to fetch $1.1 billion.
“The new offering size was determined by ADNOC, as the selling shareholder, based on significant investor demand and the considerable oversubscription across all Tranches. The enlarged offering will enable a broader investor base to obtain exposure to ADNOC Drilling’s highly attractive value proposition,” ADNOC said last week.
Today, ADNOC said that it had successfully completed the ADNOC Drilling IPO bookbuild, raising over $1.1 billion.
“The Offering was multiple times oversubscribed, with significant demand from UAE Retail Investors and Qualified Institutional Investors. Total gross demand for the IPO amounted to over $34 billion, implying an oversubscription level in excess of 31 times in aggregate,” ADNOC said.
ADNOC Drilling is expected to start trading on October 3.
Upon settlement, ADNOC Drilling’s IPO will be the largest ever listing on the Abu Dhabi Securities Exchange (ADX), further bolstering the UAE and Abu Dhabi’s equity capital markets, ADNOC said today.
ADNOC Drilling would be the second company of the ADNOC Group to list shares in Abu Dhabi, after the fuel retail unit ADNOC Distribution made its market debut in December 2017.
ADNOC has monetized other assets since the 2020 oil price crash, too.
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Last year, after oil prices crashed and OPEC+, including the UAE, had to curtail massive production volumes to rebalance the market and prop up oil prices, ADNOC announced a US$20.7-billion deal with six international companies for the acquisition of a minority stake in ADNOC Gas Pipeline Assets.
By Charles Kennedy for Oilprice.com
More Top Reads From Oilprice.com:
- Europe Must Act To Avert An Energy Crisis This Winter
- U.S. Shale Is Finally Ready To Drill
- The Harsh Truth Behind Europe’s Energy Crisis
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