Abu Dhabi energy giant ADNOC seeks near $1 billion in logistics unit IPO

Abu Dhabi energy giant ADNOC seeks near $1 billion in logistics unit IPO

Abu Dhabi’s main energy company is seeking to raise about $1 billion from the initial public offering of its shipping and logistics unit, according to people familiar with the matter.

Abu Dhabi National Oil Co., which listed its gas business last month, has added banks EFG Hermes, Credit Agricole SA, Societe Generale SA, Arqaam Capital Ltd., Abu Dhabi Commercial Bank PJSC and International Securities as joint bookrunners on the potential IPO of ADNOC Logistics & Services, the people said, asking not to be identified as the information isn’t public.

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HSBC Holdings Plc has been added as a joint global coordinator alongside Citigroup Inc., First Abu Dhabi Bank PJSC and JPMorgan Chase & Co, they added.

ADNOC Logistics has held initial meetings with investors and plans to launch the IPO as soon as May, the people said.

The planned IPO of ADNOC Logistics would come shortly after the Abu Dhabi energy giant raised $2.5 billion from a flotation of its gas business, currently the world’s biggest IPO of 2023.

In that operation, state-owned ADNOC sold a 5 percent stake in the company, valuing it at about $50 billion.

Details of the ADNOC Logistics offering,