Adnoc Boosts Size of Logistics Unit IPO Amid Strong Demand - Bloomberg
Abu Dhabi’s main energy company boosted the size of its maritime logistics unit’s initial public offering by more than a quarter to as much as $769 million, indicating appetite for Gulf listings remains healthy despite weaker market conditions.
Abu Dhabi National Oil Co. will now sell 1.41 billion shares in Adnoc Logistics & Services, or a 19% stake, up from 1.11 billion previously, according to a statement on Monday. Order books for the IPO were covered minutes after the sale opened last week.
At the top of the 1.99 dirhams ($0.54) to 2.01 dirhams price range, the IPO could raise as much as $769 million. It’s set to be the second-biggest listing in the Middle East so far this year, after the $2.5 billion IPO of Adnoc’s gas business in March.
The subscription period for the retail and professional investor offerings remains unchanged and the final price is expected to be announced on May 25.
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