ADNOC has raised USD 317 million in a bookbuild offering for institutional investors of a 3% stake in ADNOC Logistics & Services (ADNOC L&S), Reuters reported on Thursday.
ADNOC placed approximately 222 million shares at USD 1.43 per share, a 3.3% discount to Thursday’s closing price. The offering was completed before market opening on Friday and was seven times oversubscribed, one of the highest shows of interest in the region for a secondary offering, according to Reuters.
The transaction is expected to increase the free float of ADNOC L&S shares to around 22%. In a pre-offering statement, ADNOC L&S indicated that it aims to increase the trading liquidity of its shares as a pathway to inclusion in the MSCI Emerging Market Index, which would help diversify the company’s shareholder base.
ADNOC L&S was first listed on the Abu Dhabi Securities Exchange in a June 2023 IPO that raised USD 769 million for parent company ADNOC, which retained an 81% stake. This secondary offering follows ADNOC’s marketed placement of ADNOC Gas shares in February 2025, which raised USD 2.84 billion.
First Abu Dhabi Bank, JPMorgan Securities, International Securities, BOCI Asia and China International Capital Corporation acted as joint global co-ordinators and bookrunners for the deal.
Established in 2016, ADNOC L&S exports crude oil, refined products, dry bulk and LNG, and is a provider of integrated logistics, shipping and maritime services across the ADNOC value chain and to more than 100 clients worldwide. The company generated revenues of USD 3.5 billion and EBITDA of USD 1.15 billion in 2024, up 29% and 31%, respectively, relative to 2023.
Source: Theenergyyear.com