Having announced update on transformation earlier this week, the ADNOC Group of companies is now expected to start IPO in the coming weeks.
Contrary to reports in the financial markets in New York and London, that the fuel business will be valued at us$14bn; PetrolWorld believes the reported $14bn IPO realtes to a number of different companies within the ADNOC Group.
Adnoc, may appoint investment banks for the share sale, likely to be on the Abu Dhabi stock exchange, as early as this week, the people said, asking not to be identified as the information is private.. No final decisions have been made, and Adnoc may also decide not to pursue an IPO, they said.
Adnoc said earlier this week that it may sell minority stakes in some of its service units and will seek international partners to boost growth and expand operations. Adnoc will also seek to expand its energy trading operations as part of the new plan, according to Abdullah Salem Al Daheri, head of the company’s marketing, sales and trading directorate,.
In line with this week’s announcement “Adnoc is therefore considering the IPO of minority stakes of some of its services businesses, and we will update the market on its plans in due course,” the company said in an emailed statement. PW110717
PetrolWorld Link to ADNOC article