Abu Dhabi’s ADNOC Distribution fuel firm IPO raises $851 mln

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The fuel distribution unit of Abu Dhabi National Oil Company priced its initial public offering (IPO) at the mid-point of a revised indicative range, valuing the deal at $851 million (3.1 billion dirhams), the company said on Friday.

ADNOC Distribution priced each share at 2.50 dirhams, it said in a statement, compared with a revised indicative range of 2.35-2.65 dirhams set last week.

The company sold 1.25 billion shares, or 10 percent of its share capital. The stock will be listed and traded on the Abu Dhabi Securities Exchange (ADX) on Dec. 13. Based on the offer price, the market capitalisation will be 31.3 billion dirhams.

This is the first IPO on the ADX in the last six years and the largest IPO in Abu Dhabi in a decade, the statement said.

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