{"id":92349,"date":"2024-05-24T00:00:00","date_gmt":"2024-05-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnoc-drilling-sold-usd-935-mn-stake-in-secondary-sale\/"},"modified":"2024-05-24T00:00:00","modified_gmt":"2024-05-24T00:00:00","slug":"adnoc-drilling-sold-usd-935-mn-stake-in-secondary-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/24\/adnoc-drilling-sold-usd-935-mn-stake-in-secondary-sale\/","title":{"rendered":"Adnoc Drilling sold USD 935 mn stake in secondary sale"},"content":{"rendered":"

Adnoc Drilling sells 5.5% stake to investors<\/strong>: <\/strong>Abu Dhabi National Oil Company (Adnoc) Drilling sold a 5.5% stake in a secondary sale for USD 935 mn, after attracting \u201cstrong demand from institutional investors in the GCC and internationally,\u201d it said in an <\/span>ADX disclosure (pdf)<\/a>. The company set its final offering price at AED 3.9 per share, 70% above its IPO price of AED 2.3.<\/span><\/p>\n

ICYMI- <\/strong>Adnoc announced plans to offer up a <\/span>5.5% stake (or 880 mn shares)<\/a> in its drilling unit, Adnoc Drilling, in a secondary sale to institutional investors on Wednesday. The stake was initially valued at USD 989 mn, based on Adnoc Drilling\u2019s closing share price of AED 4.13 at the time. Adnoc Drilling went public in <\/span>October 2021<\/a>, offering an 11% stake and raising USD 1.1 bn. Adnoc retained an 84% stake, while Baker Hughes held a 5% stake in the drilling arm.<\/span><\/p>\n

The increased freefloat allows Adnoc Drilling to join the MSCI Emerging Market Index<\/strong> at the next quarterly index review, Adnoc said earlier. It will also \u201cenhance liquidity and trading in Adnoc Drilling\u2019s ordinary shares and diversify its shareholder base.\u201d <\/p>\n

Current ownership breakdown: <\/strong>The share sale increases the Adnoc subsidiary\u2019s free float to 16.5%, with Adnoc holding onto a 78.5% shareholding. The company has agreed not to sell further shares for six months from the offering's close. Final share settlement is expected to take place on or around 28 May, according to the disclosure.<\/p>\n

Market reax: <\/strong>Adnoc Drilling\u2019s share price rose 1.7% to AED 4.2 a piece at yesterday\u2019s close.<\/p>\n

Advisors: <\/strong>Our friends at EFG Hermes UAE<\/strong>, along with First Abu Dhabi Bank<\/strong>, Goldman Sachs International<\/strong> and JP Morgan Securities<\/strong> are joint global coordinators and joint bookrunners for the offering.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Adnoc subsidiary priced its offering at AED 3.9 per share<\/p>\n","protected":false},"author":1,"featured_media":92350,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1547],"tags":[57,104,29,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-adnoc","tag-adnoc-drilling","tag-capital-markets","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"41134450-982c-469b-abaf-cbce2db13773","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/163.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc Drilling sold USD 935 mn stake in secondary sale","related_issue":[92345],"teaser":"The Adnoc subsidiary priced its offering at AED 3.9 per share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.40bd92ed-a949-447c-9bf7-b435d951f6b1.mp3"},"yoast_head":"\nAdnoc Drilling sold USD 935 mn stake in secondary sale - 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