The Abu Dhabi National Oil Company (ADNOC) said on Wednesday that it has increased the amount of ordinary shares offered in ADNOC Drilling Company's first public offering (IPO) after receiving authorisation from the UAE Securities and Commodities Authority (SCA) (ADNOC Drilling).

The increase is from 1,200,000,000 ordinary shares to 1,760,000,000 ordinary shares, which equates to 11 per cent of ADNOC Drilling’s total issued share capital. Subject to completion of the IPO, ADNOC will continue to own a majority 84 per cent stake in the Company, while Baker Hughes, which entered into a strategic partnership with ADNOC Drilling in October 2018, will retain its 5 per cent shareholding in the company.

ADNOC plans to raise the size of the tranches earmarked for UAE retail investors, including eligible ADNOC Group employees and UAE national retirees, as part of the revised offering size. ADNOC will set the final tranche sizes at its discretion and disclose them on September 27, 2021.

The new offering size was determined by ADNOC, as the selling shareholder, based on significant investor demand and the considerable oversubscription across all Tranches. The enlarged offering will enable a broader investor base to obtain exposure to ADNOC Drilling’s highly attractive value proposition.

The ADNOC Drilling IPO subscription period will stay the same, closing on September 23, 2021 for UAE retail investors and September 26, 2021 for eligible domestic and foreign institutional investors. On or around October 3, 2021, ADNOC Drilling is expected to list on the ADX.