Adnoc has set a share price of AED2.30 ($0.63) for Adnoc Drilling’s IPO, the state firm announced on 13 September. This values Adnoc Drilling at $10bn, slightly less than the $11bn valuation when Baker Hughes took a 5% stake in 2018 (MEES, 12 October 2018). The drop in value comes despite Adnoc Drilling’s capabilities having expanded considerably over the past three years. Adnoc says “the offer price per share provides investors with a highly attractive value proposition that reflects Adnoc’s long-term confidence in Adnoc Drilling’s growth trajectory. This decision also reflects Adnoc’s prioritization of a supportive aftermarket performance post-listing.” Adnoc Drilling is expected to list on the ADX “on or around 3 October 2021.”