ADNOC completes institutional deal for ADNOC Drilling shares

According to Amac News: The company stated in its report that the registered figure represents 5.5% of the total issued capital and stock of ADNOC Drilling and increases the company's free floating shares to 16.5%.
According to the Abu Dhabi National Oil Company report, this offering witnessed strong demand from institutional investors in the Persian Gulf Cooperation Council and internationally and was priced at 3.90 dirhams per share, which is approximately 70% higher than the initial public offering (IPO) price is AED 2.30 per share and represents a 5.6% discount per share.
The offer is expected to settle on or around May 28, 2024, the company said.
ADNOC will continue to hold a majority stake of 78.5% in the company and has also agreed to a restriction on the sale of other shares for six months after the closing of the offering, subject to customary covenants.
A higher free float is also expected to pave the way for inclusion in the Morgan Stanley Capital International Emerging Markets Index (MSCI).
The inclusion of ADNOC Drilling in MSCI will help diversify the company's investor base and significantly broaden awareness of its unique value proposition.