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ADNOC Drilling starts trading with $10 bln market cap

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Abu Dhabi National Oil Company (ADNOC) will list on Sunday its drilling unit in a $1.1 billion initial public offering (IPO), the largest ever on the Abu Dhabi stock market.

ADNOC Drilling, whose share offering received over $34 billion in demand, is expected to be among the 10 largest companies on the Abu Dhabi Securities Exchange, based on a market capitalisation at listing of about $10 billion.

will retain its 5% shareholding. Helmerich & Payne will hold 1% through its IPO cornerstone investment.

 

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