Adnoc Drilling IPO price implies equity valuation of US$10bil

DUBAI: State oil giant Abu Dhabi National Oil Co (Adnoc) has set a price for the initial public offering (IPO) of its drilling unit, giving Adnoc Drilling an equity valuation of US$10bil (RM41.4bil), it said yesterday.

Adnoc will sell a minimum 7.5% stake in the IPO of Adnoc Drilling at 2.3 dirhams (0.62 US cents or RM2.61) per share, raising at least US$750mil (RM3.1bil) in the deal.