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Indicative price range set for ADNOC Distribution's Abu Dhabi IPO
November 26, 2017 / 3:45 AM / 17 days ago

Indicative price range set for ADNOC Distribution's Abu Dhabi IPO

ABU DHABI, Nov 26 (Reuters) - Abu Dhabi National Oil Co (ADNOC) set on Sunday an indicative price range for the initial public offering of its fuel distribution unit, which could potentially raise $2 billion to make it UAE’s biggest listing since 2007.

ADNOC Distribution set an indicative price range of between 2.35 dirham ($0.6400) and 2.95 dirhams, it said in a statement.

ADNOC is selling a minimum of 10 percent, or 1.25 billion shares, and a maximum of 20 percent, or 2.5 billion shares, in the IPO of its unit.

At the top of the price range, the deal could be valued at 7.375 billion dirhams ($2.01 billion), assuming it sells a maximum 20 percent. (Reporting by Stanley Carvalho; Writing by Saeed Azhar; Editing by Muralikumar Anantharaman)

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