Adnoc this week gave an “indicative price” of Dh2.35-2.95 ($0.64-0.80)/share for the imminent IPO of 10-20% (1.25-2.5bn shares) of its Adnoc Distribution retail unit on the Abu Dhabi Securities Exchange.

At these prices the offering would raise $800mn-$2bn. At the top of the range this would make it the UAE’s largest IPO since DP World. The IPO is a first for an Adnoc subsidiary, offering “UAE and international investors the opportunity to invest.”

The pricing...