Starting today, UAE retail investors and qualified domestic and international institutional investors will be able to own a stake in one of MENA's largest drilling companies. The Abu Dhabi National Oil Company (ADNOC) will list on the Abu Dhabi Stock Exchange (ADX) on October 3 and has officially started offering its shares for the price of $0.62 apiece (less than the cost of an iced latte in Dubai mall). Investors gotta act quickly, though, since the offer is valid up until September 26.
ADNOC's valuation implies a whooping equity value of $10b. This valuation comes after the oil-drilling giant posted excellent results in 2020, hitting $2.1b in revenue, with a profit of $569m. ADNOC's decision to go public follows an aggressive growth strategy to diversify its investor base and unlock new sources of cash from its infrastructure base.