Abu Dhabi National Oil Company (ADNOC) announced that it has completed the listing of ADNOC Drilling Company on the Abu Dhabi Securities Exchange (ADX), according to a report from Emirates News Agency.

With an initial public offering (IPO) that will collect more than $1.1 billion, the ADNOC Drilling IPO is the largest-ever ADX listing and will be the first issuance on the newly inaugurated ADX premises.

This IPO will support the diversification of Abu Dhabi’s equity capital markets and develop the UAE’s economy in accordance with its ‘Principles of the 50’ strategy.

The share offering was significantly attractive with the IPO’s total gross demand climbing to over $34 billion. According to the report, it is expected that ADNOC Drilling will become one of the 10 largest companies on the ADX.

“[The] listing will enable domestic and international investors alike to benefit from the growth trajectory of a company that sits at the very heart of ADNOC’s ambitious growth plans,” the UAE’s Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO Sultan Ahmed Al-Jaber said. “In addition, this highly successful IPO will further strengthen and broaden Abu Dhabi’s vibrant equity capital markets, while driving the UAE’s economic growth, diversification and attracting foreign direct investment.”

“The significant demand for this offering, emphasized by the considerable oversubscription, reflects the investment community’s high confidence in ADNOC Drilling and the attractiveness of ADNOC and the UAE as a compelling investment destination. After almost 50 years of continued success and growth, today marks the start of ADNOC Drilling’s new journey as a public company, with ADNOC remaining a committed, strategic, and long-term majority shareholder,” Al-Jaber added.