ADNOC IPO

Abu Dhabi National Oil Company (ADNOC) is starting to launch part of its distribution unit shares via an initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) starting from Today (26 November).

The sale of a minimum of 1.25 billion and a maximum of 2.5 billion of the ordinary shares, setting the pricing between Dh2.35 and Dh2.95 per share (representing a minimum of 10% and a maximum of 20% of the total issued shares in the Company) (the “ Offer Shares”) in a public subscription in the United Arab Emirates (the “UAE”).

Listing and trading on ADX are expected to commence on 13 December 2017.

Offer Period

The offer period for the First Tranche  starts on 26 November 2017 and will close on 6 December 2017, and for the second Tranche starts on 26 November 2017 and will close on 7 December 2017.

Tranches of Subscription

The first tranche of the IPO, which represents 5% of the offer shares, will be open for natural persons, including qualified high net worth individual subscribers, and other subscribers who do not participate in the second tranche and hold an investor number with the ADX and have a bank account in the UAE.

The second tranche of the offering, which represents 95% of the offer shares, will be open for juridical persons capable of making investments on their own.

Minimum investment

The minimum subscription in offer shares pursuant to the first tranche has been set at AED 10,000 with any additional investment to be made in AED 1,000 increments.

The minimum subscription in offer shares pursuant to the second tranche has been set at AED 5 million.