Abu Dhabi National Oil Company (ADNOC) raised more than $1.1 billion from an 11 per cent sale of shares in its drilling unit through an initial public offering.
Last week, ADNOC raised the offering from 7.5 per cent, selling 1.76 billion shares of ADNOC Drilling, at an offer price of Dh2.30 per ordinary share.
The IPO was multiple times oversubscribed and registered "significant demand" from UAE retail and qualified institutional investors, the company said in a statement on Monday. Total gross demand for the offering amounted to over $34bn, implying an oversubscription level in excess of 31 times in aggregate.
ADNOC Drilling is one of the largest drilling companies in the Middle East, operating 107 onshore, offshore and island rigs, of which 11 are rented. The company, which began operations in 1972, has expanded its fleet of rigs, adding 67 since 2010, in line with the growth in oil and gas production capacity at ADNOC.
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