Abu Dhabi National Oil Company (ADNOC) will increase the number of shares of ADNOC Logistics & Services being offered to the market in the ongoing initial public offering (IPO) given the strong interest from investors.
The Selling Shareholder will increase the number of ordinary shares offered by its subsidiary company as is set out in the prospectus. This has been approved by the UAE Securities and Commodities Authority (SCA).
The state-owned company had previously planned an offer of 1,109,774,817 ordinary shares, but has now increased it to 1,405,714,765 ordinary shares, which is 19 percent of the company’s total issued share capital
The decision to increase the amount of shares is based on significant investor demand and aims to reflect the company’s commitment to a supportive trading environment for the company’s stock post-Admission.