EFG Hermes concludes advisory on $769mln IPO of ADNOC Logistics & Services Plc on ADX

EFG Hermes concludes advisory on $769mln IPO of ADNOC Logistics & Services Plc on ADX

- The listing generated the largest investor demand for an IPO this year, raising over USD 125 million to imply an oversubscription of 163x

Abu Dhabi: EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today that its investment banking division successfully completed advisory on the USD 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 million, 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