The Abu Dhabi National Oil Company (ADNOC) announced that it has set the offer price per share for the initial public offering (IPO) of ADNOC Drilling Company at AED2.30, implying an equity value of $10 billion, according to a press release issued by ADNOC.

The statement elaborated that the company set this price after seeing strong demand from local and international investors for the shares before the start of subscription period.

The ADNOC and ADNOC Drilling believe the offer price per share provides investors with a highly attractive value proposition that reflects ADNOC’s long-term confidence in ADNOC Drilling’s growth trajectory. This also affirms one of ADNOC’s key objectives to further support the growth, strength and diversification of the UAE and Abu Dhabi equity capital markets.

According to the statement, the IPO opens on 13th of September and will be closed on 23rd of September for UAE retail investors and on 26th September for qualified domestic and international institutional investors. The company is expected to be listed on the ADEX on or around 3rd of October.