Adnoc to sell 15 pct stake in logistics, shipping unit in Abu Dhabi IPO

Adnoc to sell 15 pct stake in logistics, shipping unit in Abu Dhabi IPO

Abu Dhabi’s main energy company will sell a 15 percent stake in its logistics and shipping unit in an initial public offering, kicking off the second listing of one of its businesses this year.

Abu Dhabi National Oil Co. will offer about 1.11 billion shares in Adnoc Logistics & Services, it said in a statement on Wednesday. The company will announce the price range and start taking investor orders on May 16, with final pricing slated for May 25.

For the latest headlines, follow our Google News channel online or via the app.Shares in Adnoc Logistics are expected to begin trading on June 1, according to the statement.

The share sale comes just a few months after state-owned Adnoc raised $2.5 billion in the listing of its gas business, currently the world’s second-biggest IPO of the year so far.

The Gulf has remained a relatively busy IPO market amid a global slump. Still, oil prices have come off their highs reached last year in the wake of Russia’s invasion of Ukraine, and fears of a recession and bank failures in the US have recently put pressure on the commodity, which strongly influences Gulf stock markets.

About $3.5 billion has been raised so far in 2023