ADNOC completes historic IPO of ADNOC L&S on ADX

ADNOC completes historic IPO of ADNOC L&S on ADX

ABU DHABI, 1st June, 2023 (WAM) -- ADNOC today announced the commencement of trading of ADNOC Logistics and Services plc (ADNOC L&S), a mission-critical global energy maritime and logistics leader, on the Abu Dhabi Securities Exchange (ADX), following the completion of its landmark Initial Public Offering (IPO).

The historic ADNOC L&S IPO drew the highest demand globally for any IPO so far in 2023, is the second-largest listing in the Middle East and North Africa (MENA) region this year, following the IPO of ADNOC Gas in March, and generated record total orders of over $125 billion.

With aggregate oversubscription in excess of 163 times, the landmark Offering attracted the highest-ever oversubscription level for a UAE bookbuild IPO. ADNOC L&S now trades under the ticker symbol “ADNOCLS” and ISIN “AEE01268A239”.

ADNOC L&S’ IPO raised gross proceeds of $769 million through the Offering of 19% of the Company’s total issued share capital, which was increased from 15% to meet overwhelming investor demand. The order book was covered throughout the range within minutes of opening.

Khaled Al Zaabi, Group Chief Financial Officer of ADNOC, commented, “This is a truly historic moment for ADNOC, Abu Dhabi, and the UAE, and one in which we can all take immense