ADNOC Drilling jumps over 30% in debut for Abu Dhabi’s largest IPO
DUBAI, Oct 3 (Reuters) – ADNOC Drilling (ADNOCDRILL.AD) shares jumped more than 30% as the unit of Abu Dhabi oil giant ADNOC started trading on Sunday after its $1.1 billion initial public offering (IPO), the largest ever on the Abu Dhabi stock market.
ADNOC Drilling, whose share offering attracted more than $34 billion in demand, is expected to be among the 10 largest companies on the Abu Dhabi Securities Exchange, based on a market capitalisation at listing of about $10 billion.
Its shares surged over 30% to 3.05 dirhams in early trading.
“This important milestone will bolster the expansion and diversification of Abu Dhabi’s equity capital markets and further the development of the UAE’s economy and private…