ADNOC announces increase in total number of shares offered for IPO of ADNOC Logistics & Services

ADNOC announces increase in total number of shares offered for IPO of ADNOC Logistics & Services

ABU DHABI, 22nd May, 2023 (WAM) -- Abu Dhabi National Oil Company (ADNOC), today announced that, as Selling Shareholder, it has exercised its right set out in the UAE Prospectus to increase the number of ordinary shares offered in the initial public offering (IPO) of ADNOC Logistics & Services, a global energy maritime logistics leader, following approval from the UAE Securities and Commodities Authority (SCA).

ADNOC will now offer 1,405,714,765 ordinary shares, equivalent to 19 percent of the Company’s total issued share capital. ADNOC had previously announced that it would offer 1,109,774,817 ordinary shares, representing 15 percent of the total issued share capital of the Company and has made the decision to increase the size of the Offering based on significant investor demand across all tranches and to reflect ADNOC’s commitment to a supportive trading environment for the Company’s stock post-Admission.

Assuming all of the shares in the Offering are sold, the size of the Offering will be approximately US$762 million to US$769 million (AED 2.80 billion to AED 2.83 billion). The final offer price is expected to be announced on Thursday, 25th May, 2023.

Commenting on the Offering upsize, Khaled Al Zaabi, Group CFO of ADNOC, said, “We are delighted to announce