ABU DHABI NATIONAL OIL COMPANY LISTS FUEL DISTRIBUTION COMPANY

One of the world’s largest national oil companies, ADNOC, has successfully listed one of its subsidiaries for the first time in what is the UAE’s largest IPOs for more than a decade.
 
The listing of ADNOC Distribution on the Abu Dhabi Securities Exchange is the latest step in a transformation programme led by ADNOC’s Chief Executive, Sultan Al Jaber.
 
The IPO saw strong demand from retail and institutional investors, with the retail tranche oversubscribed by a healthy 22 times on the original retail tranche size
 
ADNOC Distribution is the UAE’s leading fuel and convenience store retailer, with 360 service stations, 235 Oasis convenience stores and stable margins and cash flows.
 
The company has ambitious growth plans, including expanding internationally and increasing sales and profits in its convenience store network.

Interview with John Carey Deputy CEO ADNOC Distribution.