ADNOC L&S announces offer price range and opening of subscription period for IPO

ADNOC L&S announces offer price range and opening of subscription period for IPO

ABU DHABI, 16th May, 2023 (WAM) -- ADNOC Logistics & Services, a global energy maritime logistics leader, today announced the offer price range and the opening of the subscription period for its IPO on the ADX.

The price range for the Offering has been set between AED1.99 to AED2.01 per share, implying an equity value of $4.01 billion to $4.05 billion (AED14.7 billion to AED14.9 billion).

Abu Dhabi National Oil Company (ADNOC) expects to sell 1,109,774,817 ordinary shares, representing 15 per cent of the Company’s issued share capital, with the Selling Shareholder reserving 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.

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). The final offer price is expected to be announced on Thursday, May 25, 2023.

As formally announced on 10th May, 2023, the Offering is available to the following subscribers:

• (i) in the UAE Retail Offering (as defined below) to: (a) individuals and other investors in the UAE; (b) employees of ADNOC group companies