Adnoc has increased the number of shares being offered in the IPO of its Adnoc Drilling subsidiary. Initially the state firm said it was to offer at least 7.5%, and on 22 September it announced that increased the offering “from 1,200,000,000 ordinary shares to 1,760,000,000 ordinary shares, which equates to 11% of Adnoc Drilling’s total issued share capital.”

Having valued Adnoc Drilling at $10bn, this means that Adnoc stands to raise $1.1bn from the IPO (MEES, 17 September). Adnoc says it expects Adnoc Drilling to begin trading on the ADX “on or around” 3 October. (CONTINUED - 111 WORDS)