Polarcus (PLCS) and Burgan Drilling have been the worst performing energy listings with shares down 100% and 79% since their public issuances in 2009 and 2005. Polarcus is a UAE based marine geophysical company while Burgan Drilling is a Kuwait based company engaged in drilling, exploration and development services for oil and gas companies.
Upcoming Oil & Gas GCC IPOs To Track
- Aramco, the Saudi Arabian state-owned oil company, is planning to sell 5% of its stake through a $100 billion IPO. This would be the largest IPO ever giving Aramco a valuation of $2 trillion, significantly larger than heavyweights Exxon Mobil, Apple and Alibaba. Although the actual listing may still be 2 years away, it is pushing other GCC countries to consider making the most of the opportunity by listing their companies.
- Kuwait Energy, Oil and gas Exploration Company is planning to list its shares on the London Stock Exchange, a first for Kuwait. The company expects to raise $150 million from this IPO, filed for an IPO in May 2017, and is expected to be valued at $1 billion after going public.
- Abu Dhabi’s state owned oil company, Abu Dhabi National Oil Company (ADNOC) plans to list its retail business in an IPO on the Abu Dhabi Stock Exchange by the end of 2017. As per Bloomberg reports, the company could achieve a valuation of $9 billion, and as much as $14 billion after the IPO. The company is expected to raise $1.5 – $2 billion from the public listing.
- Oman, the largest Arab oil producer outside the Organization of Petroleum Exporting Countries is planning to divest some assets of its state owned energy company – Oman Oil Co. The company is in talks with banks to list its shares on the Oman Stock Exchange.