Dubai: Adnoc for Distribution priced the IPO at Dh2.35 to Dh2.95 and will sell a maximum 2.5 billion shares or 20 per cent stake.
The sale starts from today. The last date for subscription for the first tranche will be on December 6, and for the second tranche will be on December 7.
The listing will take place on Abu Dhabi Securities Exchange on December 13.
With global crude prices at about half of their 2014 average, energy companies and state producers alike are seeking to trim costs and boost efficiency.
Adnoc pumps most of the crude in the UAE, a member of the Organisation of Petroleum Exporting Countries that accounts for about 6 per cent of global reserves.
