Adnoc seeking $2bn in rare oil IPO

The Abu Dhabi National Oil Company (Adnoc) is seeking to raise up to $2bn (€1.7bn) from the initial public offering of its fuel-retailing unit in a flotation that could be the biggest in the United Arab Emirates in 10 years.

The Abu Dhabi National Oil Company (Adnoc) is seeking to raise up to $2bn (€1.7bn) from the initial public offering of its fuel-retailing unit in a flotation that could be the biggest in the United Arab Emirates in 10 years.

The crude producer will price the shares of Abu Dhabi National Oil Company for Distribution PJSC in a range of 2.35 dirhams to 2.95 dirhams, according to an advertisement published in Gulf News. Based on that price range and a planned sale of 10% to 20% of the company, the distribution business is valued at $8bn-$10bn.