UAE's ADNOC will provide 15% of a logistics company's IPO.

The Abu Dhabi oil firm ADNOC announced on Wednesday that it planned to conduct an initial public offering (IPO) on the Abu Dhabi stock exchange for 15% of the shares in its subsidiary ADNOC Logistics & Services (ADNOC L&S).

ADNOC tower in Abu Dhabi. The Abu Dhabi National Oil Company or ADNOC is the State-owned oil company

DUBAI, May 10 (Reuters) - Abu Dhabi oil giant ADNOC intends to offer 15% of its shares in unit ADNOC Logistics & Services (ADNOC L&S) through an initial public offering (IPO) on the Abu Dhabi stock exchange, the company said on Wednesday.

ADNOC will offer about 1.1 million shares in its maritime logistics services unit, which is expected to list on June 1, subject to market conditions, the statement said. The subscription period for the share offering is to run from May 16 until May 24.

Reuters had reported in March that ADNOC was gearing up to list ADNOC L&S in June.

"As the sixth company ADNOC is bringing to market, ADNOC L&S is ideally placed to drive performance, deliver value, and capitalize on both ADNOC's ambitious growth roadmap and the growing global demand for lower-carbon, reliable energy supplies," Khaled Al Zaabi, group chief financial officer at ADNOC said in the statement.

This will be the Abu Dhabi oil giant's second IPO this year after it raised $2.5 billion from its gas business in March.

Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East and J.P. Morgan have been appointed as joint global coordinators and joint bookrunners, and Moelis & Co is acting as independent financial adviser on the IPO.

ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.


you may also like