Adnoc Distribution to price just off bottom of range

Adnoc PA 230x150
By Sam Kerr
07 Dec 2017

Abu Dhabi National Oil Co, the Abu Dhabi state-owned oil company, is set to price the initial public offering of its distribution arm on Friday, in a deal worth Dh3.125bn ($851m), after revising guidance to the lower half of the range.

The sale of 1.25bn shares in a secondary placement is a flotation of 10% of the company, the minimum deal size for the Abu Dhabi government.

Citigroup, First Abu Dhabi Bank, HSBC, and Bank of America Merrill Lynch are global co-ordinators, Goldman Sachs and Morgan Stanley bookrunners. Rothschild ...

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