EFG Hermes concludes advisory on $769 million IPO of ADNOC Logistics & Services

EFG Hermes concludes advisory on $769 million IPO of ADNOC Logistics & Services

EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced that its investment banking division successfully completed advisory on the $769 million initial public offering (IPO) of ADNOC Logistics & Services Plc (ADNOC L&S) — the UAE’s leading integrated energy player Abu Dhabi National Oil Company’s (ADNOC) maritime logistics unit — on the Abu Dhabi Securities Exchange (ADX). EFG Hermes acted as joint bookrunner on the transaction. The listing saw ADNOC L&S offer a total of 19% of its share capital, equivalent to 1,405,714,765 shares, at a nominal value of AED 2.01/share, implying a market capitalization of USD 4.05 billion. The offering generated the largest investor demand for an IPO this year, with demand raised hitting USD 125 billion, implying an oversubscription of 163x — a record-high oversubscription level for a UAE bookbuild IPO. The company began trading today under the ticker ADNOCLS. Mohamed Fahmi, EFG Hermes’ Co-Head of Investment Banking, commented, “We are delighted to be building on our longstanding partnership with ADNOC and to be advising on the IPO of its maritime logistics arm, ADNOC L&S, which marks ADNOC’s second IPO and the second-largest listing in the Middle East so far this year. Investor