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Know about Adnoc Drilling IPO; Demand touches $34.

New IPO is already oversubscribe by 30 times than its average. So yes, Adnoc Drilling IPO getting a good response. 

Adnoc Drilling IPO listing
Adnoc Drilling IPO listing

Gross demand of Adnoc Drilling:

Gross demand for the IPO amounted to over $34 billion, meaning an oversubscription level above 31 times in aggregate. Adnoc Drilling IPO is taken with both hands by share market UAE.

Oversubscribed IPO’s 2021:

The first public offering of Adnoc Drilling Company did multiple times oversubscribed. Notable demand from retail investors in the UAE and adequate institutional investors. Total gross demand for the IPO amounted to over $34 billion. It is indicating an oversubscription level over 31 times in aggregate. Oil giant Adnoc said on Monday, September 26 2021.

Trading on the Abu Dhabi Securities:

The Abu Dhabi Securities Exchange (ADX) listings are commencing at 10:00 AM (UAE time) on October 3, 2021. The symbol “ADNOCDRILL” and ISIN “AEA007301012.

Adnoc’s announcement:

The expanded IPO size of 1.76 billion from 1.2 billion common shares. Means it is equal to 11 per cent of the total allotted share capital. Upon settlement, the offer price of Dh2.30 per ordinary share, resulting in gross proceeds of over $1.1 billion to Adnoc.

SMS confirmation:

Investors from the first and third traders get SMS confirmation of their allocation on September 30, 2021, Adnoc said.

Stake in the company:

Upon listing on the ADX, the oil behemoth will own a majority 84 per cent stake in the company. Baker Hughes, which opened into a vital partnership with Adnoc Drilling in October 2018. It will hold its 5.0 per cent shareholding. Helmerich & Payne will hold 1.0 per cent within its IPO cornerstone investment announced on September 8, 2021.

Shariah Supervision Committees :

The Internal Shariah Supervision Committees of First Abu Dhabi Bank and HSBC Bank has announced statements verifying that the IPO is obedient to Shariah principles. First, Abu Dhabi served as the head holding bank, and Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank. Emirates NBD began as receiving banks. In contrast, Moelis & Company began as an autonomous financial consultant. Read about IPL 2021 today’s matches.

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