According to the Ministry of Commerce Web site UAE's Gulf News reported on November 27, Abu Dhabi National Oil Company (ADNOC) initial public offering (IPO) subscription from November 26 onwards, the price is set at 2.35 to 2.95 dirhams (about 0.64 to 0.8 US dollars). ADNOC Distribution company plans to sell up to 2.5 billion shares or 10% - 20% of the shares at most. The deadlines of the first and second batch of subscription are December 6 and December 7 respectively.
ADNOC hopes to raise 7.3 billion dirhams (about 1.99 billion US dollars), It is the UAE's largest IPO project in recent 10 years. In 2007 DP World raised $ 18 billion in IPO. (about 4.9 billion U.S. dollars).
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