Abu Dhabi National Oil Co. increased the size of its drilling unit’s initial public offering to $1.1 billion, saying the deal was heavily oversubscribed.
Abu Dhabi’s state oil company will now list 11 percent of Adnoc Drilling on the local bourse, up from 7.5 percent previously. It will be the largest IPO in the emirate for at least four years, according to data compiled by Bloomberg, and comes amid an uptick in listings there and in Saudi Arabia.
The decision was “based on significant oversubscription across all tranches,” Adnoc said. It will now offer 1.76 billion shares, up from 1.2 billion.
The offer price remains 2.30 dirhams ($0.63) and the final prices will be announced on Sept. 27.
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