ADNOC Distribution, which is wholly-owned by state-run crude producer ADNOC, said on Monday it will offer 1.25 billion to 2.5 billion shares, or from a 10 percent to 20 percent stake, of its fuel distribution business in an initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
The share sale will start from November 26 to December 6 for retail investors, and to December 7 for institutions, the company said in its prospectus.
The offer price range is due to be announced on Nov. 26.
The fuel station unit is expected to debut on ADX December 13.
Share allotment for the institutional and retail investors will fall on December 8 and December 11, respectively, with surplus refunds to be deposited no later than December 14.
The company, which was established in 1973, has AED 1 billion in capital and dominates 67 percent of all fuel stations. It also operates 360 retail service stations in Abu Dhabi, Sharjah, Ajman, Ras Al-Khaimah, Fujairah and Umm Al-Qaiwain.
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Company Profile |
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ADNOC Distribution |
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Stock market |
Abu Dhabi Securities Exchange |
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Company’s core business |
Owns and operates a network of fuel service stations and convenience stores across the UAE. |
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Company’s status |
Active |
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Company’s capital |
AED 1 bln |
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IPO Details |
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Number of IPO shares |
Minimum of 1.25 bln shares Maximum of 2.50 bln shares |
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Nominal value per share |
AED 0.08 per share |
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Company’s Capital |
AED 1 bln (12.5 bln shares) |
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IPO shares percentage and type |
10% to 20% of ordinary shares |
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IPO price range |
Will be disclosed in the prospectus on Nov. 26 |
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First tranche |
5% of IPO shares for retail investors |
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Second tranche |
95% of IPO shares for institutional investors |
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Minimum subscription for first tranche |
AED 10,000, increasable in thousands |
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Minimum subscription for second tranche |
AED 5 mln |
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IPO date |
Retail investors from Nov. 26 to Dec. 6 |
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Institutional investors from Nov. 26 to Dec.7 |
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Date of disclosing final IPO price |
December 8, 2017 |
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Allotment for first tranche |
December 11, 2017 |
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Allotment for second tranche |
December 8, 2017 |
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Surplus refund date |
By December 14, 2017 |
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Listing date |
December 13, 2017 |
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Additional Details |
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Lead managers |
EFG Hermes UAE, HSBC Middle East and NBAD |
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Main IPO banks |
NBAD |
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IPO banks |
ADCB, Ajman Bank, Finance House, ADIB, DIB, Noor Bank and UNB |
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Legal advisor |
Al Tamimi & Co. in the UAE and Shearman and Sterling in the USA |
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