Goldman Sachs Group Inc. and Bank of America Corp. have relinquished their lead roles on Abu Dhabi National Oil Co.’s planned mega initial public offering of its natural gas business, people with knowledge of the matter said.
Adnoc is accelerating the timing of the listing, which is now slated to take place as soon as next month, the people said. HSBC Holdings Plc is now working alongside First Abu Dhabi Bank PJSC as a joint global coordinator on the proposed listing after Goldman Sachs and Bank of America dropped off the top line of underwriters, the people said, asking not to be identified discussing private information.
The Wall Street banks were unable to work as lead banks on the share sale after the new schedule meant that there wouldn’t be enough time for Adnoc Gas to get audited by a Big Four accounting firm, something they would normally require for large deals, two of the people said. Goldman Sachs and Bank of America are still advising Adnoc in other capacities, according to the people.
Representatives for the banks declined to comment.
“With our broad and strong bank syndicate, we are focused on delivering a successful market debut of Adnoc Gas, which will be a highly attractive and compelling investment opportunity in an advanced, progressive energy company,” a representative for Adnoc said. “Goldman Sachs and Bank of America are valued financial advisers who continue to support Adnoc.”
The IPO is set to become one of Abu Dhabi’s biggest listings. The state-owned explorer is combining its liquefied natural gas and gas-processing arms into a new unit called Adnoc Gas and recently named a new chief executive officer for the unit.
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