Adnoc Raises Drilling IPO Size to $1.1 Billion on Heavy Demand
- Abu Dhabi state oil firm plans to list 11% of Adnoc Drilling
- Adnoc cites oversubscription, offer price remains the same
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Abu Dhabi National Oil Co. increased the size of its drilling unit’s initial public offering amid heavy demand for shares in what is likely to be the emirate’s biggest listing in at least four years.
Abu Dhabi’s state oil company will now list 11% of Adnoc Drilling on the local bourse, raising as much as 4.05 billion dirhams ($1.1 billion). It had initially planned to raise $750 million by offering a 7.5% stake.