The retail tranche of Adnoc Distribution’s initial public offering (IPO) was oversubscribed 22 times, raising Dh3.49 billion, on the back of significant local interest. Strong demand enabled the issuer to double the size of the retail tranche to 10 per cent of the total offering size, said First Abu Dhabi Bank (FAB), which acted as joint global coordinator and lead receiving bank on the IPO.
“The response from investors for this IPO has been very positive, generating a record demand of investor number applications,” said Andre Sayegh, deputy group chief executive and head of corporate and investment banking at FAB.
“[This] is the first bookbuild IPO for the Abu Dhabi Securities Exchange (ADX), the first international offering, and it will also be the first and largest retail sector stock on the ADX, further diversifing the market and providing investors with a greater choice.”
The bank said the institutional tranche drew high quality, global institutional investors, and was oversubscribed multiple times. The IPO, for which the price was set at Dh2.5 a share for 10 per cent, valuED the Abu Dhabi National Oil Company's distribution unit at Dh31.1bn. It is the first listing by the group. The transaction precedes the anticipated offering of Saudi Aramco which is expected to raise $100bn in what is slated to be the biggest share sale in history.
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Read more:
Adnoc Distribution IPO at Dh2.5 per share amid big interest in sale from retail investors
Adnoc IPO of distribution unit set to raise up to Dh3.3bn
Adnoc to invest Dh400bn as it eyes downstream expansion
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The listing is part of a broader strategy by Adnoc to more proactively manage its assets and unlock greater value from across the entire business.
Adnoc Distribution currently operates 360 service stations and 235 Oasis convenience stores across the UAE except for Dubai. It plans to open its first petrol stations in Dubai and Saudi Arabia next year, the latter under a franchise model with an as yet unnamed local partner.
IPO activity in the UAE is picking up after only two deals were completed throughout 2015 and 2016. Emaar Properties raised $1.3bn from the sale of shares in its development unit last month, while Mubadala Investment expects to IPO Emirates Global Aluminium (EGA) next year.
RESULTS
Light Flyweight (48kg): Alua Balkibekova (KAZ) beat Gulasal Sultonalieva (UZB) by points 4-1.
Flyweight (51kg): Nazym Kyzaibay (KAZ) beat Mary Kom (IND) 3-2.
Bantamweight (54kg): Dina Zholaman (KAZ) beat Sitora Shogdarova (UZB) 3-2.
Featherweight (57kg): Sitora Turdibekova (UZB) beat Vladislava Kukhta (KAZ) 5-0.
Lightweight (60kg): Rimma Volossenko (KAZ) beat Huswatun Hasanah (INA) KO round-1.
Light Welterweight (64kg): Milana Safronova (KAZ) beat Lalbuatsaihi (IND) 3-2.
Welterweight (69kg): Valentina Khalzova (KAZ) beat Navbakhor Khamidova (UZB) 5-0
Middleweight (75kg): Pooja Rani (IND) beat Mavluda Movlonova (UZB) 5-0.
Light Heavyweight (81kg): Farida Sholtay (KAZ) beat Ruzmetova Sokhiba (UZB) 5-0.
Heavyweight (81 kg): Lazzat Kungeibayeva (KAZ) beat Anupama (IND) 3-2.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets