An initial public offering of Dh495 million ($135 million) worth of shares in Abu Dhabi-based Aabar Petroleum Investments opened recently, the lead manager of the sale said.

The offering of shares at Dh1 each is to close on April 21, The National Investor said in a statement, after which Aabar will be listed on the Abu Dhabi Securities Market.
The offer has two tranches, one worth Dh170 million open to all UAE nationals and a second worth Dh325 million which will be allocated among UAE nationals and companies on a pro-rata basis.
The sale represents 55 per cent of Aabar's capital.
The firm says it intends to acquire companies in the oil and gas industry, to add to its offshore and onshore rigs.
Application details and prospectuses are available from First Gulf Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, InvestBank and Finance House
The minimum subscription amount is 25,000 shares for individuals and 250,000 for companies.
From its base in Abu Dhabi, Aabar will be acquiring existing companies in the oil and gas services sector and with their own fleet of offshore and onshore rigs.