ADNOC L&S IPO set to raise $607 million


ADNOC Logistics & Services, a global energy maritime logistics leader, has set a share price of between AED 1.99 to AED 2.01 on the opening of the subscription period for its IPO.

The price range values the company between $4.01 billion to $4.05 billion (AED14.7 billion to AED14.9 billion).

Abu Dhabi National Oil Company (ADNOC) expects to sell just over 1.1billion ordinary shares, representing 15 per cent of the Company’s issued share capital.

Assuming all the shares offered are sold, the size of the Offering will be approximately $601 million to $607 million (AED2.21 billion to AED2.23 billion), with the final offer price expected to be announced on May 25.

As announced on May 10, the Offering is available to the public and to professional investors, with the subscription period for the former closing on May 23; professional investors' subscription period closes a day later, on May 24.

The Offering and Admission is expected to be completed on June 1, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval for the Admission.

Share allocations for the UAE Retail Offering will be sent on May 30.

Details of the Offering are available in the Arabic and English language UAE Prospectus with respect to the UAE Retail Offering, and the English language International Offering Memorandum with respect to the Professional Investor Offering.

The Selling Shareholder reserves the right to amend the size of the Offering at any time before the end of the subscription period, subject to the applicable laws of the UAE and the approval of the SCA.

More from Business

Coming Up on Dubai Eye

  • Nights on Dubai Eye 103.8

    7:00pm - 11:00pm

    Dubai Eye complements the conversation with the music you love from the eighties, nineties and newer.

  • Nights on Dubai Eye 103.8

    11:00pm - 6:00am

    Dubai Eye complements the conversation with the music you love from the eighties, nineties and newer.


  • UAE Companies Face A 38% Jump In Claims For Petrol Expenses

    A report from Bayzat, an HR software, says that there's been a 38% increase in the amount employees are claiming back in fuel charges.

  • Increase in bag loss

    Airports are facing an increase in baggage mishandling rate as the number of passengers continue to rise. So we asked Nicole Hogg, Product Management Director, Baggage at SITA whether bag loss is a new trend.

  • Could Space Travel Become More Accessible?

    H.E. Ibrahim Al Qassim, Deputy Director General of the UAE Space Agency joined us to explain what it would take for more people to be able to go into space.

On Dubai Eye