ABU DHABI: Abu Dhabi National Oil Co (ADNOC) set on Sunday an indicative price range for the initial public offering of its fuel distribution unit, which could potentially raise $2 billion to make it UAE's biggest listing since 2007.
ADNOC Distribution set an indicative price range of between 2.35 dirham ($0.6400) and 2.95 dirhams, it said in a statement.
ADNOC is selling a minimum of 10 percent, or 1.25 billion shares, and a maximum of 20 percent, or 2.5 billion shares, in the IPO of its unit.
At the top of the price range, the deal could be valued at 7.375 billion dirhams ($2.01 billion), assuming it sells a maximum 20 percent.
(Reporting by Stanley Carvalho; Writing by Saeed Azhar; Editing by Muralikumar Anantharaman) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))
ADNOC Distribution set an indicative price range of between 2.35 dirham ($0.6400) and 2.95 dirhams, it said in a statement.
ADNOC is selling a minimum of 10 percent, or 1.25 billion shares, and a maximum of 20 percent, or 2.5 billion shares, in the IPO of its unit.
At the top of the price range, the deal could be valued at 7.375 billion dirhams ($2.01 billion), assuming it sells a maximum 20 percent.
(Reporting by Stanley Carvalho; Writing by Saeed Azhar; Editing by Muralikumar Anantharaman) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))
