Adnoc Distribution's UAE IPO to price in middle of indicated range -bookrunners

Adnoc is due to float 1.25bln shares, or 10% of Adnoc Distribution, on the Abu Dhabi stock market next week

  
Image used for illustrative purpose.

Image used for illustrative purpose.

ADNOC/Handout via Thomson Reuters Zawya
ABU DHABI  - Abu Dhabi National Oil Company (Adnoc) 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 (ADX) 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) ((stanley.carvalho@thomsonreuters.com; + 9712 6444431; Reuters Messaging: stanley.carvalho.thomsonreuters.com@reuters.net))



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