ADNOC Drilling jumps over 30% in debut for Abu Dhabi’s largest IPO


Electronic boards displaying stock information are seen as an investor walks past at the ADX Abu Dhabi Securities Exchange stock market May 16, 2012. REUTERS/Ben Job/File Photo

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 sector”, ADNOC said in a statement.

The IPO is the latest move by Gulf…

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