Adnoc Drilling, the Middle East’s largest drilling company, has set the price for its listing at 2.30 dirhams per share, implying an equity value of $10 billion. The offering will represent 1.2 billion shares or 7.5% of the company. However, Adnoc Drilling has said that it may increase the amount of stock available. 

The offering comes amid a push by Abu Dhabi to revive IPOs on its stock exchange. The ADX is offering a range of extra incentives, including promises to reduce or waive listing fees and flexibility on the minimum stake size needed for share sales.

Adnoc Drilling has also begun preparations for a potential IPO of its fertiliser joint venture Fertiglobe as sovereign wealth fund ADQ plans to list Abu Dhabi Ports by the end of the year. 

The United Arab Emirates is the third-largest producer in the Organization of Petroleum Exporting Countries and has utilised its oil wealth to expand its economy. The UAE has diversified into tourism and developing global transport and trade hubs. However, these sectors suffered throughout 2020 as the covid-19 pandemic saw a substantial decline in international travel, blocked trade flows, and cut energy use.