DUBAI: State oil giant Abu Dhabi National Oil Co. (ADNOC) has set a price for the initial public offering of its drilling unit, giving ADNOC Drilling an equity valuation of $10 billion, it said on Monday.
ADNOC will sell a minimum 7.5 percent stake in the IPO of ADNOC Drilling at 2.3 dirhams ($0.6262) per share, raising at least $750 million in the deal.
The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates.
ADNOC will sell a minimum 1.2 billion shares in the IPO, according to the prospectus, but it reserved the right to increase the size of the offering at any time before the end of the subscription period.
The equity valuation is similar to that in 2018 when ADNOC sold a 5 percent stake in ADNOC Drilling to Baker Hughes.
The planned IPO is the latest move by Gulf oil giants ADNOC and Saudi Aramco to raise cash from outside investors as they try to diversify sources of income in their oil-dependent economies. Saudi Aramco listed in late 2019, raising $29.4 billion in the world’s biggest IPO.
The offer price was determined by ADNOC and ADNOC Drilling, following strong initial demand indications from both local and international investors, ADNOC said.
The subscription period opens on Sunday and will close on Sept. 23 for UAE retail investors and on Sept. 26 for qualified domestic and international institutional investors.
ADNOC Drilling is expected to list on the Abu Dhabi Securities Exchange (ADX) on or around Oct. 3, it said.
ADNOC Drilling IPO price implies equity valuation of $10bn
ADNOC Drilling IPO price implies equity valuation of $10bn
19k ‘Made in Saudi Arabia’ products now reaching 180 markets: industry minister
RIYADH: Products carrying the “Made in Saudi” logo have reached 19,000 and are shipped to 180 countries, according to the minister of industry and mineral resources.
In his opening speech at the third edition of the “Made in Saudi” exhibition, Bandar Alkhorayef indicated that the program now includes 3,700 registered national companies.
He noted that the first half of 2025 recorded the highest semi-annual figure for non-oil exports, valued at SR307 billion ($81.8 billion), after total exports in 2024 reached approximately SR515 billion.
The “Made in Saudi” program was launched in 2021 with the aim of strengthening the presence of local products in domestic and international markets and contributing to the growth of the national economy in line with Vision 2030 targets.
The minister highlighted the efforts of the Saudi Exports Development Authority in facilitating the access of national products to global markets.
This has been achieved through the signing of 108 export agreements, the registration of 433 importers on the Saudi Exports platform, and the licensing of nine export houses whose outbound trade has reached 21 countries with a value of SR390 million.
The “Made in Saudi” program is an initiative of the National Industrial Development and Logistics Program. It is managed by the Saudi Export Development Authority, also known as Saudi Exports, a governmental body tasked with increasing the Kingdom’s non-oil exports.
Saudi Exports developed and is managing the program with the strategic intent of supporting the nation in achieving the objectives of its transformative Vision 2030.
The Authority, through the “Made in Saudi” program, has recently participated as a strategic partner in The Big 5 2025, a leading global exhibition for the construction industry held in Dubai in November.
Saudi Exports led a delegation of more than 50 construction companies from the Kingdom to the event, which drew over 2,000 exhibitors from more than 165 countries.
The program also participated as a strategic public sector partner in the National Development Fund’s Momentum 2025 development finance conference in Riyadh in December, reflecting its integral role in Saudi Arabia’s national economic transformation under Vision 2030.
The conference featured over 100 speakers focused on fostering partnerships to expand financing channels, reflecting the NDF’s central role as an enabler and a strategic driver of the national development finance system.
