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
Saudi Arabia sees 21% jump in mining sector licenses since 2016
- The growth in the Kingdom’s mining sector licenses aligns closely with Saudi Arabia’s Vision 2030 objectives, launched in 2016
RIYADH: Saudi Arabia’s mining sector has shown sustained growth, with the number of mining licenses increasing from 1,985 in 2016 to 2,401 by the end of 2024, representing cumulative growth of 21 percent, according to the 2024 mineral wealth statistics from the General Authority for Statistics.
The data highlights a steady upward trend in recent years. Licenses rose to 2,100 in 2021, marking a 6 percent increase from the previous year.
The upward trajectory continued with 2,272 licenses in 2022, 2,365 in 2023, and 2,401 in 2024, reflecting expanding exploration and investment activity across the Kingdom’s mining sector. Building material quarries accounted for the largest share of mining permits, climbing from 1,267 licenses in 2021 to 1,481 by 2024.
Exploration licenses also recorded consistent growth, supporting the Kingdom’s broader push to develop its mineral resources.
Other categories of mining activity saw significant expansion, including 2,554 exploration licenses, 744 exploitation licenses, 151 reconnaissance licenses, and 83 surplus mineral ore licenses issued during the same period.
The growth in the Kingdom’s mining sector licenses aligns closely with Saudi Arabia’s Vision 2030 objectives, launched in 2016, which aim to diversify national income sources and strengthen non-oil sectors.
