Adnoc Distribution covers $800m-$2bn IPO on the third day of bookbuilding

The IPO of Adnoc Distribution, the petrol stations business of Abu Dhabi’s state oil company, was covered at its base size, three working days into the bookbuild.

  • By Aidan Gregory
  • 28 Nov 2017

Abu Dhabi National Oil Co, its parent, is selling 1.25bn-2.5bn shares, a 10%-20% stake, at a price range of Dh2.35-Dh2.95 a share. 

That values Adnoc Distribution at Dh29.37bn ($8bn) to Dh36.87bn ($10bn).

The all-secondary IPO will be worth Dh2.94bn ($800m) to Dh7.38bn ($2bn), depending on how it is sized ...

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