ADNOC Sets Price Range for Marine Logistics Services Unit IPO

Abu Dhabi National Oil Company (ADNOC) announced today, Tuesday, that it has "set a price range for an initial public offering (IPO) of its marine logistics services unit, which could raise between $601 million and $607 million, valuing ADNOC Supply and Services at $4.05 billion." In a statement, it mentioned that "the price range for the unit is set at AED 1.99 ($0.5420) to AED 2.01 per share." Key investors, including Al Seer Marine Equipment and Supplies, National Marine Dredging Company, Alpha Oryx Limited, and the Abu Dhabi Retirement Pension and Benefits Fund, have made a joint commitment of about $180 million.