Abu Dhabi's Adnoc seeks up to US$2b from unit IPO

Dubai

ABU Dhabi National Oil (Adnoc) may raise as much as US$2 billion from an initial public offering of its fuel-retailing unit as another large share sale in the Middle East pushes ahead.

The crude producer will price the IPO of Abu Dhabi National Oil Co for Distribution PJSC in a range of 2.35 dirhams to 2.95 dirhams (S$0.86 to S$1.08) a share, according to an advertisement published in Gulf News on Sunday. Based on that estimate, the unit is valued at US$8 billion to US$10 billion.