Abu Dhabi National Oil Company (Adnoc) is planning to raise as much as AED3.31bn ($902m) from the initial public offering (IPO) of its fuel-retailing unit after the adjusting its terms.

Adnoc has lowering the top end of its offer price and decided to only sell a 10 per cent stake of Abu Dhabi National Oil Company for Distribution, according to terms seen by Bloomberg News.

Previously the company planned to sell as much as 20 per cent. The initial price range was AED2.35-2.95. This has been reduced to AED2.35-2.65.

The offering is covered throughout the revised price range, according to the document seen by Bloomberg News.

Adnoc plans to announce the final pricing on 8 December and the stock expected to begin trading on 13 December in Abu Dhabi.

The joint lead managers for the Adnoc transaction are the local offices of: EFG-Hermes (Egypt), First Abu Dhabi Bank, HSBC (UK). The lead receiving bank for the transaction is First Abu Dhabi Bank. The IPO subscription legal counsel consists of the local Al-Tamimi & Company, legal adviser to the company as to UAE law, US’ Shearman & Sterling, legal adviser to the company on English and Us law and the UK’s Allen & Overy, which is the legal adviser to the joint lead managers on UAE, English and US law.

The Abu Dhabi National Oil Company for Distribution was established in 1973, and has an approximate 67 per cent market share of fuel service stations in the UAE. The company currently has 360 fuel stations located in the emirates of Abu Dhabi and Sharjah. The firm also operates 235 Adnoc Oasis convenience stores, making it the largest retailer in the UAE in terms of number of stores.

Adnoc is considering listing further business units, with the initial public offering (IPO) of part of its distribution business underway.

Sultan al-Jaber, UAE Minister for state and Adnoc CEO, told local media that the oil company is assessing options for listing other parts of the business in the future.

“We will continue to consider the potential minority listings of some of our services businesses where a listing might be appropriate, as well as, of course, other options,” Al-Jaber was quoted as saying.