ADNOC plans second IPO in 2023

ABU DHABI, May 10, 2023 – ADNOC has decided to float 15% of its maritime logistics arm on the Abu Dhabi Securities Exchange in 2023, the Emirati NOC announced on Wednesday.

A total of 1.1 million shares of ADNOC Logistics & Services (ADNOC L&S) are expected to be listed on June 1, 2023.

A subscription period for the offerings will run from May 16 to May 24, 2023, with a final offer price announced on May 25, 2023.

Established in 2016 through a merger between Abu Dhabi National Tanker Company, Petroleum Services Company and Abu Dhabi Petroleum Ports Operating Company, ADNOC L&S transports oil, refined products, dry bulk and LNG from Abu Dhabi to international markets.

“As the sixth company ADNOC is bringing to market, ADNOC L&S is ideally placed to drive performance, deliver value and capitalise on both ADNOC’s ambitious growth road map and the growing global demand for lower-carbon, reliable energy supplies,” said Khaled Al Zaabi, group CFO of ADNOC.

In March 2023, ADNOC floated 5% of its newly created gas arm ADNOC Gas on the public exchange, raising USD 2.5 billion.

The IPO of ADNOC Gas received around USD 124 billion in orders, with ADNOC saying it was around 50 times oversubscribed.

Abu Dhabi accounted for 14% of all global IPOs and attracted capital of around USD 3 billion in Q1 2023, making it the third largest attractor of capital through privatisation in the quarter worldwide.