off-the-wire

Abu Dhabi's ADNOC looks to raise up to $607 mln from IPO of logistics unit

Kitco Media
By Reuters
Published:
Updated:
Reuters
By Hadeel Al Sayegh DUBAI, May 16 (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) said on Tuesday it has set a price range for an initial public offering of its marine & logistics unit that could raise up to $607 million and could give ADNOC Logistics & Services an equity valuation of as much as $4.05 billion.


The price range for the unit was set at 1.99 dirhams
($0.5420) to 2.01 dirhams per share, the company said in a statement.


Cornerstone investors Al Seer Marine Supplies & Equipment, National Marine Dredging Co, Alpha Oryx Limited and the Abu Dhabi Pension Fund have made a combined commitment of approximately $180 million. ADNOC would raise between $601 million and $607 million from the sale, the statement said.


($1 = 3.6717 UAE dirham) (Reporting by Hadeel Al Sayegh; editing by Uttaresh Venkateshwaran)

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