FTSE adds Adnoc Drilling to three of its indices

Index publisher FTSE Russell has added Adnoc Drilling to three of its global equity indices, according to a statement from Adnoc Drilling.

Adnoc Drilling has been added to the FTSE Global Large Cap Index, the FTSE Emerging Index, and the FTSE All-World Index, it said in a statement.

The index publisher, against whose indexes funds benchmark trillions of dollars of assets, earlier announced the same to clients on October 4.

Adnoc Drilling is a unit of Abu Dhabi National Oil Co. Baker Hughes retains a 5 percent share in the company.

Adnoc Drilling went public earlier this month via a $1.1 billion initial public offering through the sale of a 11 percent share in the company to investors.

The company raised $1.1 billion from the IPO earlier this month. The share offering attracted considerable interest, with total gross demand for the IPO amounting to more than $34bn, implying an oversubscription level in excess of 31 times.

Adnoc Drilling is one of the 10 largest companies on the ADX, based on a market capitalisation at a listing of about $10bn. It has helped to further diversify and strengthen the exchange, as well as increase investor choice.

Adnoc will maintain its majority 84 per cent stake in Adnoc Drilling while US energy services company Baker Hughes, which entered into a strategic partnership with Adnoc Drilling in October 2018, will retain its 5 per cent interest.