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ADNOC completes drilling IPO bookbuild, raises more than US$1.1bln

Gas

Abu Dhabi National Oil Company (ADNOC) has announced the successful completion of the bookbuild and public subscription process for the initial public offering (IPO) of ADNOC Drilling Company PJSC and confirmed the previously announced increased offering size from 1,200,000,000 ordinary shares to 1,760,000,000 ordinary shares

The offering was oversubscribed multiple times, with significant demand from UAE retail investors and qualified institutional investors. Total gross demand for the IPO amounted to more than US$34bn, implying an oversubscription level in excess of 31 times in aggregate.

After the completion of the subscription period, the size of the First Tranche (reserved for UAE retail investors) was set at 10%, the size of the Second Tranche (reserved for local, regional and international qualified istitutional investors) was set at 86%, and the size of the Third Tranche (reserved for ADNOC Group companies’ employees and UAE national retirees) was set at 4%. Investors from the First and Third Tranches will receive an SMS confirmation of their respective allocation on 30 September, 2021.

Listing and start of trading on the Abu Dhabi Securities Exchange (ADX) are expected to commence at 10:00am (UAE time) on 3 October, subject to customary closing conditions.

Upon listing on the ADX, ADNOC will continue to own a majority 84% stake in the company, while Baker Hughes will retain its 5% shareholding. Helmerich & Payne will hold 1% through its IPO cornerstone investment announced on 8 September.

First Abu Dhabi Bank PJSC, Goldman Sachs International, HSBC Bank Middle East Limited and JP Morgan Securities plc acted as joint global coordinators and EFG-Hermes UAE Limited, Emirates NBD Capital PSC, International Securities LLC, Merrill Lynch International and Société Générale acted as joint bookrunners. First Abu Dhabi Bank PJSC acted as the lead receiving bank and Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC and Emirates NBD Bank PJSC acted as receiving banks.

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