UAE’s ADNOC plans listing of retail unit at $14bn valuation – report

Abu Dhabi National Oil Company (ADNOC) is reportedly planning an IPO of its retail unit, with a potential valuation of up to $14bn, according to reports.

Bloomberg cited sources as saying ADNOC might appoint investment banks for the share sale, which will likely be on the Abu Dhabi stock exchange, as early as this week.

The firm could raise up to $3bn from the listing, which may value the unit at about $10bn, it was reported.

However, the sources indicated no final decision on the listing had been made.

The retail unit includes more than 300 service stations and a network of convenience and auto products stores, according to the publication.

ADNOC said earlier this week it planned to list some of its services businesses and enter tie-ups with global investors

Read: UAE’S ADNOC to list some businesses, mulling partnerships

The firm is also seeking to expand its energy trading operations under the plan, ADNOC’s head of marketing sales and trading, Abdulla Salem Al Dhaheri, said on Monday.