IBRAHIM .N. PARTNERS has advised ADNOC Logistics & Services plc (ADNOC L&S) on the initial public offering (IPO) and listing on the Abu Dhabi Securities Exchange (ADX).
ADNOC L&S is the maritime logistics arm of ADNOC Group and is the largest fully-integrated shipping and logistics company in the region, supporting the energy supply chain through three major business segments; shipping, integrated logistics and marine services.
The final offer price for the shares in ADNOC L&S offered by Abu Dhabi National Oil Company (ADNOC) P.J.S.C. (“ADNOC”) via the IPO was set at the top end of the price range, raising approximately USD 769 million (equivalent to approximately AED 2.83 billion) and implying a market capitalization (at the time of listing) of ADNOC L&S of approximately USD 4.05 billion (equivalent to approximately AED 14.9 billion).
The IPO saw significant demand from both local and international investors. Total gross demand for the IPO amounted to over USD 125bn, implying an oversubscription level in excess of 163 times in aggregate, the highest ever oversubscription level for a UAE IPO.
For further information, please contact Bahjat Al-Jayyousi.
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