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The Abu Dhabi National Oil Company (ADNOC) listed a stake in its fuel distribution unit on Wednesday, the biggest listing on the Abu Dhabi stock exchange in the past decade.
Shares of ADNOC Distribution rose at the open, trading at 2.9 dirhams (0.79 cents) shortly after the bell versus an IPO (initial public offering) price of 2.50 dirhams per share.
ADNOC Distribution's Deputy Chief Executive John Carey told CNBC that the company felt "great about the whole process, the whole day."
He said the IPO brought world-class investors into Abu Dhabi.
"This has been the largest IPO in Abu Dhabi in the last 10 years and it's the first time, we've brought international investment in," he noted.
"My experience of the process has been that international investors have been hugely excited about developing a position in the United Arab Emirates (UAE), they see the good growth fundamentals here, it's a great place to invest and that's what they've done, they've invested in our business," he said.
ADNOC has raised $851 million through the sale of 10 percent of its distribution unit, Reuters noted. The company had initially planned to sell as much as a 20 percent stake, however, and had lowered the top end of its offer price.
The listing is part of a strategy by the UAE, as well as other Gulf nations, to privatize energy sector assets, particularly amid a lower oil price environment.
In addition, ADNOC has undergone a major restructuring program since Sultan Ahmed Al Jaber was appointed the company's chief executive in 2016.
Currently, the company says it operates across the hydrocarbon chain through a network of 18 businesses, from exploration to production, storage, refining and distribution.
It produces 3.1 million barrels of oil per day and 9.6 billion cubic feet of raw gas each day, placing it among the largest energy producers in the world. It wants to increase the number of barrels per oil it produces per day to 3.5 million in 2018.