Investor Bet on Middle East Oil Play Pays Off in Abu Dhabi IPO
- Adnoc Distribution stock rises as much as 16% on Trading Start
- IPO was the first in Abu Dhabi in more than six years
Adnoc IPO Valuation Holds Lessons for Saudi Aramco
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Investors who bet on exposure to Middle East oil got it right, at least on the first trading day of shares in a unit of Abu Dhabi’s oil giant.
The stock of Abu Dhabi National Oil Co. for Distribution PJSC, the fuel retailing unit of Adnoc, soared as much as 16 percent to 2.90 dirhams in early trading. They pared gains to close 6 percent higher at 2.65 dirhams in Abu Dhabi. The emirate pumps most of the crude in OPEC member United Arab Emirates.