The fuel distribution unit of the Abu Dhabi National Oil Company (Adnoc) priced its initial public offering (IPO) at the mid-point of a revised indicative range, valuing the deal at AED3.1bn or $851m.

Adnoc Distribution priced each share at AED2.50, it said in a statement, compared with a revised indicative range of AED2.35-2.65 set previously.

The company sold 1.25bn shares, or 10 per cent of its share capital. The stock will be listed and traded on the Abu Dhabi Securities Exchange (ADX) on December 13. Based on the offer price, the market capitalisation will be $8.52bn.

This is the first IPO on the ADX in the last six years and the largest IPO in Abu Dhabi in a decade, the statement said.

“Adnoc Distribution’s strong business model, unique market position and attractive growth prospects has garnered healthy and solid demand for the IPO,” Sultan Ahmed al-Jaber, group chief executive of Adnoc, has been quoted as saying in a media statement.

Local institutional investors accounted for 60 per cent of the offering, international institutions took 30 per cent while retail investors subscribed to the rest. The retail tranche was doubled to 10 per cent from 5 per cent due to high demand.