DUBAI (Reuters – Sunday will see the listing of Abu Dhabi National Oil Company’s drilling unit at a $1.1 million initial public offering (IPO), which is the biggest ever held on Abu Dhabi Stock Market.

ADNOC Drilling’s share offering attracted more than $34 billion of demand. It is now expected to rank among the top 10 companies listed on Abu Dhabi Securities Exchange. This was based on an estimated market capitalisation at listing that stands around $10 billion.

“This important milestone will bolster the expansion and diversification of Abu Dhabi’s equity capital markets and further the development of the UAE’s economy and private sector”, ADNOC said in a statement.

ADNOC is one of the most recent moves by Gulf oil companies. Saudi Aramco To raise capital from investors outside their country, they use the SE: to diversify income sources in oil-dependent countries.

Saudi Aramco was listed late in 2019, raising $29.4 million in what is the largest IPO in history.

ADNOC will maintain an 84% share of the unit’s capital, while Baker Hughes will hold a 5% stake. Helmerich & Payne (NYSE) will retain 1% as part of its IPO cornerstone investment.

ADNOC raised the size and share capital of the IPO from 9% to 11% due to oversubscription. It was previously aiming to sell 7.5% of the minimum share.

After the listing in 2017 of ADNOC Distribution (the largest UAE operator of convenience stores and petrol stations), this is the second public flotation by a Abu Dhabi oil major company.