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ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC

(ADNOCDIST)
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Abu Dhabi National Oil for Distribution : ADNOC Drilling IPO price implies equity valuation of $10 billion

09/13/2021 | 12:57am EDT

DUBAI, Sept 13 (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) has set a price for the initial public offering of its drilling unit, giving ADNOC Drilling an equity valuation of $10 billion, it said on Monday.

ADNOC will sell a minimum 7.5% stake in the IPO of ADNOC Drilling at 2.3 dirhams ($0.6262) per share, raising at least $750 million in the deal.

The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates.

ADNOC will sell a minimum 1.2 billion shares in the IPO, according to the prospectus, but it reserved the right to increase the size of the offering at any time before the end of the subscription period.

The equity valuation is similar to that in 2018 when ADNOC sold a 5% stake in ADNOC Drilling to Baker Hughes.

The planned IPO is the latest move by Gulf oil giants ADNOC and Saudi Aramco to raise cash from outside investors as they try to diversify sources of income in their oil-dependent economies. Saudi Aramco listed in late 2019, raising $29.4 billion in the world's biggest IPO.

The offer price was determined by ADNOC and ADNOC Drilling, following strong initial demand indications from both local and international investors, ADNOC said.

The subscription period opens on Sunday and will close on Sept. 23 for UAE retail investors and on Sept. 26 for qualified domestic and international institutional investors.

ADNOC Drilling is expected to list on the Abu Dhabi Securities Exchange (ADX) on or around Oct. 3, it said.

($1 = 3.6728 UAE dirham) (Reporting by Saeed Azhar; editing by Richard Pullin)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC 0.00% 4.19 End-of-day quote.11.73%
SAUDI ARABIAN OIL COMPANY 0.54% 37.45 End-of-day quote.7.00%
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Financials
Sales 2021 19 354 M 5 270 M 5 270 M
Net income 2021 2 293 M 624 M 624 M
Net Debt 2021 3 407 M 928 M 928 M
P/E ratio 2021 22,8x
Yield 2021 4,88%
Capitalization 52 375 M 14 259 M 14 260 M
EV / Sales 2021 2,88x
EV / Sales 2022 2,46x
Nbr of Employees 13 000
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Mean consensus HOLD
Number of Analysts 10
Last Close Price 4,19 AED
Average target price 4,21 AED
Spread / Average Target 0,48%
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Managers and Directors
Bader Saeed Mohammedd Salem Al-Lamki Chief Executive Officer
Mohamed Al-Hashemi Chief Financial Officer
Sultan Ahmed Sultan Essa Al-Jaber Non-Executive Chairman
Abdulaziz Abdulla Al-Hajri Independent Non-Executive Director
Khaled Salmeen Independent Non-Executive Director
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