Dubai – Mubasher: Abu Dhabi National Oil Co’s (ADNOC) minimum sales of the initial public offering (IPO) of its distribution unit, totalled 1.25 billion shares or 10% of the company’s capital, have been wholly oversubscribed in two days, sources revealed to Al Bayan newspaper.
The sources expected the IPO to be oversubscribed more than once, especially after setting an attarctive indicative price ranging between AED 2.35 and AED 2.95.
On Sunday, ADNOC Distribution launched an IPO on the Abu Dhabi Securities Exchange (ADX) and offered 1.25 billion to 2.5 billion shares for sale.
