Investors Place $34 Billion of Orders for Adnoc Drilling IPO
- Adnoc Drilling shares are expected to start trading on Sunday
- The $1.1 billion IPO underscores the clamor for equity deals
Drilling bits in the lobby of the Abu Dhabi National Oil Company (ADNOC) headquarters in Abu Dhabi.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Investors placed more than $34 billion of orders for Abu Dhabi-based Adnoc Drilling Company PJSC’s $1.1 billion initial public offering, further underscoring the global clamor for equity deals.
Abu Dhabi National Oil Co. sold 11% of the subsidiary in what ranks as the biggest stock-sale yet in the emirate. Adnoc Drilling’s shares were offered at 2.30 dirhams each and will begin trading in Abu Dhabi on Sunday at 10 a.m. local time.