Abu Dhabi’s ADNOC seeks $1bln from logistics unit’s IPO – report

Abu Dhabi’s ADNOC seeks $1bln from logistics unit’s IPO – report

Abu Dhabi National Oil Co (ADNOC) is seeking to raise about $1 billion from an IPO of its shipping and logistics unit, Bloomberg reported citing people familiar with the matter.

The state oil giant, 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 report said.

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

(Writing by Brinda Darasha; editing by Seban Scaria)

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