Abu Dhabi, UAE – December 8, 2017//- Abu Dhabi National Oil Company for Distribution PJSC (ADNOC Distribution), the UAE’s number one fuel retailer and distributor and the operator of the UAE’s largest retail network by number of stores, today announced the successful pricing for its initial public offering of its ordinary shares.
The pricing for the Offering has been set at AED 2.50 per ordinary share (the “Offer Price”).
Based on the Offer Price, the Company’s market capitalization at listing will be approximately AED 31.3 billion (US$ 8.5 billion).
The number of shares included in the Offering is 1,250,000,000 which represents 10% of the share capital. Immediately following the Offering, ADNOC Group, the Company’s parent, will continue to own 90% of the share capital.
The value of ordinary shares sold in the Offering totals AED 3.1 billion (US$ 851 million).Final allocations were approximately 90% for qualified investors (60% local, 30% international) and 10% for individual and other investors.
Listing and trading on the Abu Dhabi Securities Exchange (ADX) is expected to commence at 10:00 a.m. (Abu Dhabi/GST) on 13 December 2017 under the symbol “ADNOCDIST”.
His Excellency Dr. Sultan Ahmed Al Jaber, ADNOC Group CEO said: “We are pleased to announce today the offer price for shares in the landmark IPO of ADNOC Distribution, the largest IPO on the Abu Dhabi Securities Exchange in over a decade. This important and strategic offering represents a unique opportunity for investors to own a stake in the UAE’s number one fuel retail brand, and largest network of retail convenience stores.
ADNOC Distribution’s strong business model, unique market position and attractive growth prospects has garnered healthy and solid demand for the IPO, which has set a new benchmark for the UAE equity capital markets.
ADNOC Distribution will continue to receive the full support and commitment of the ADNOC Group as it begins the next phase of its growth and transformation, as one of the UAE’s leading listed companies.”
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