ADNOC eyes $2 bln from IPO

Abu Dhabi

ABU DHABI, November 27, 2017 – ADNOC Distribution, a wing of Abu Dhabi’s NOC, has set an indicative price range for the company’s upcoming IPO of its fuel distribution unit that could raise USD 2 billion, international media reported on Sunday.

The NOC announced earlier this month it would sell at least 10% of ADNOC Distribution on the Abu Dhabi Securities Exchange. The offering is set to go forward following regulatory approvals from the UAE Securities and Commodities Authority and Abu Dhabi Securities Exchange.

A ceiling for the share sale has been set at 20%. If reached, this could bring in USD 2.1 billion, Reuters reported.

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