Abu Dhabi National Oil Company for Distribution, ADNOC Distribution, successfully listed its shares on the Abu Dhabi Securities Exchange, ADX, today following a bell ringing ceremony led by Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO and Hamad Al Shamsi, Chairman of the ADX.

ADNOC Distribution is currently traded on the Abu Dhabi Securities Exchange under the symbol "ADNOCDIST."

The IPO of ADNOC Distribution was officially launched on 13th November, 2017, and forms part of ADNOC’s strategy to manage its business assets and capital more proactively. The successful listing represents a further milestone in this ongoing transformation of ADNOC, and is a tangible example of ADNOC executing the comprehensive value creation strategy it announced in July. The listing will act as a catalyst to unlock value and drive growth for both the wider ADNOC Group and ADNOC Distribution.

Dr. Sultan Al Jaber said, "As we accelerate the transformation of ADNOC to drive value, growth and returns across our business, we are also undertaking a number of important, strategic transactions that are unprecedented in ADNOC’s history. Transactions, such as this IPO, will allow ADNOC to better manage our capital and portfolio of assets, and expand our range of new and existing partnerships – from the Upstream to the Downstream. The IPO also supports the reinvigoration of the ADX, and will be a catalyst for further growth and development of the UAE capital markets."

The shares of ADNOC Distribution were priced at AED2.50 per share on 8th December 2017, giving the company a market capitalisation of approximately AED31.3 billion at the time of listing. The final investor allocations were approximately 90 percent for qualified investors (split 60 percent local and 30 percent international) and 10 percent for individual and other investors.

"We were extremely pleased with the demand for this landmark IPO. We received substantial interest from the international investment community, as well as an overwhelming response from investors in the UAE. We now look forward to delivering the business and growth objectives of ADNOC Distribution, as well as the long term, sustainable returns and benefits to our new investors and the UAE," added Al Jaber.

The IPO achieved a number of ‘firsts’ for both ADNOC and ADX, namely that the IPO represents the first international offering on the ADX; the IPO was the first on the ADX since 2011, and the largest IPO on the ADX in the last 10 years; and the transaction marks the first time an ADX company has marketed an IPO using a Book Building process, in-line with international best practise.

Based on its market capitalisation at listing, ADNOC Distribution is expected to be the fourth largest company listed on the ADX and the only large, retail sector stock, helping to further diversify the exchange and increasing investor choice. The IPO was multiple times oversubscribed on the qualified investor tranche, and the retail tranche was oversubscribed 22 times on the original retail tranche size. To accommodate for the level of retail investor demand, the retail tranche was doubled in size.

"The ADNOC Distribution IPO has attracted a large number of investors, which is a testament to the strong confidence in the quality and diversity of investment opportunities offered by ADX, and its ability to achieve sustainable growth. The IPO is also characterised by principles of efficiency and transparency, two key-elements on which ADX was established, and on which it accordingly operates. Adding ADNOC Distribution to the number of listed companies on ADX underscores the confidence in Abu Dhabi’s economy and the local financial market. Listing here acknowledges ADX’s advanced infrastructure, designed to meet the highest international standards for securities and equity trading, and its advanced legal framework characterised by fairness in transparency and disclosure," said Al Shamsi.

The IPO was also a transformative transaction for the ADX, creating a significant increase in demand for ADX NIN numbers, helping to facilitate and support the further development and growth of the ADX and other potential ADX IPOs.