( MENAFN ) Abu Dhabi National Oil Co. (ADNOC) announced on Tuesday that it has established a price range for the initial public offering (IPO) of its marine and logistics unit, ADNOC Logistics & Services. The IPO has the potential to generate proceeds of up to USD607 million, valuing the unit at approximately USD4.05 billion in terms of equity valuation. According to the company's statement, the price range for the unit has been set at 1.99 dirhams (USD0.5420) to 2.01 dirhams per share. As part of the IPO, cornerstone investors including Al Seer Marine Supplies & Equipment, National Marine Dredging Co., Alpha Oryx Limited, and the Abu Dhabi Pension Fund have committed a total of approximately USD180 million. ADNOC is expected to raise between USD601 million and USD607 million through the sale of approximately 1.1 billion shares, representing 15 percent of the issued share capital of its maritime logistics services unit.