Following the initial announcement of the public offering of ADNOC’s shares in the United Arab Emirates, the market continues to show a healthy appetite for the IPO and the initial value was successfully raised.
First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, is the lead arranger for this transaction and the sole local bank involved.
This IPO is a landmark transaction in the region, and is considered to be the largest public offering in the UAE to date. The price range has been set at between AED 2.35 to AED 2.95 per share.
André Sayegh, FAB Deputy Group CEO and Head of Corporate & Investment Banking, said: “There is a clear interest in the market for the IPO, due to the long-established history that ADNOC has built and the high level of trust it reaps in the market. This public offering is a milestone, not only for the company, but for the market and the UAE’s economy as a whole. In line with the country’s ambitions to enhance the participation of the private sector in the economy, and to further support economic diversification efforts, this IPO also offers investors a secure investment opportunity that is competitively priced and that will provide them with healthy returns in the medium and long-term.”
He added: “The market is exhibiting healthy liquidity levels and this is an ideal investment opportunity for individual and institutional investors, and will add significant value to the UAE’s economy.”
