The offering was oversubscribed, with total gross demand amounting to more than $34 billion ADNOC will continue to own an 84 percent majority stake in the unit State oil giant Abu Dhabi National Oil Co (ADNOC) has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion, it said on Monday. The offering was oversubscribed, with total gross demand amounting to more than $34 billion, it said in a statement. "Upon settlement, ADNOC Drilling"s IPO will be the largest ever ADX (Abu Dhabi Securities Exchange) listing, further bolstering the UAE and Abu Dhabi"s equity capital markets," it said. A tranche for United Arab Emirates retail investors was set at 10 percent and a tranche for local, regional, and international institutional investors at 86 percent, with the remaining 4 percent to be allocated to ADNOC employees and UAE retirees. Listing is expected on Oct. 3, ADNOC said. ADNOC will continue to own an 84 percent majority stake in the unit, while Baker Hughes will retain its 5 percent shareholding. Helmerich & Payne will hold 1 percent through its IPO cornerstone investment. ADNOC increased to 11 percent of share capital the size of the IPO, it said this month, because of oversubscription. It had previously targeted a minimum stake of 7.5 percent. The sale is the second public flotation of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the UAE. ADNOC and Saudi Aramco, in neighbouring Saudi Arabia, are seeking to raise cash from outside investors as part of plans to diversify sources of income in their oil-reliant economies.