Abu Dhabi's ADNOC looking to raise up to $607m from IPO of logistics unit

Abu Dhabi's ADNOC looking to raise up to $607m from IPO of logistics unit

FILE PHOTO: Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai

State oil giant Abu Dhabi National Oil Co (ADNOC) said on Tuesday it has set a price range for an initial public offering of its marine and logistics unit that could raise up to $607 million and could give ADNOC Logistics & Services (ADNOC L&S) an equity valuation of as much as $4.05 billion.

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