ABU DHABI - Abu Dhabi National Oil Company
) is expected to price the initial public offering of its fuel distribution unit at the mid-point of a revised indicative price range, bookrunners said on Thursday. Adnoc
is due to float 1.25 billion shares, or 10 percent of Adnoc Distribution
, on the Abu Dhabi stock market
next week, potentially valuing the deal at $852 million.
The books were expected to close at 1330 GMT on Thursday.
Abu Dhabi's state-owned oil firm is likely to price the IPO at 2.50 dirhams ($0.68), against a revised indicative price range of 2.35-2.65 dirhams per share set earlier this week, the bookrunners said in a statement.
Adnoc, in its debut equity capital markets deal, plans to announce the final pricing on Friday with the stock set to start trading on the Abu Dhabi Stock Market
) on Dec. 13.
Adnoc Distribution's IPO comes in the wake of low crude oil prices that have hit revenues of oil producers. Saudi Arabia plans to list 5 percent of its national oil company Aramco IPO-ARMO.SE by the end of next year, which Saudi officials say could raise $100 billion, making it the world's biggest IPO.
(Reporting By Stanley Carvalho, editing by Susan Fenton) ((firstname.lastname@example.org; + 9712 6444431; Reuters Messaging: email@example.com))