Abu Dhabi National Oil Company (ADNOC) has started virtual meetings with potential investors ahead of the planned initial public offering of its drilling unit, two sources told Reuters.
The oil giant which supplies nearly 3% of global oil demand, declined to comment when contacted by Reuters on Monday since the matter is not yet public.
Banks working on ADNOC Drilling are scheduling calls with local, regional and international institutional investors to sound out appetite for the potential sale.
The early-look engagement taking place via zoom calls has allowed investors to provide feedback on the introduction of ADNOC to the market. ADNOC has invited a handful of international and local banks to take part in the process of the public share sale of ADNOC Drilling, which is due later this month.
It is planning to take the unit public in the third quarter, one of the sources said previously. The company could raise at least $1 billion from the share sale, the source said.
ADNOC Chief Executive Sultan al-Jaber has been the main architect of the transformation strategy the company embarked on more than four years ago, building an investment team to monetise assets and raise funds from international private equity groups.
The group is also planning to float Fertiglobe, a fertiliser joint venture with Dutch-listed chemical producer OCI later this year.
