Abu Dhabi’s ADNOC seeks about $1 billion in logistics unit IPO

Abu Dhabi’s ADNOC seeks about $1 billion in logistics unit IPO

Abu Dhabi: 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, Societe Generale, Arqaam Capital, Abu Dhabi Commercial Bank 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. HSBC Holdings has been added as a joint global coordinator alongside Citigroup, First Abu Dhabi Bank 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 per cent stake in the company, valuing it at about $50 billion. Details of the ADNOC Logistics offering, such as size and timeline, are still under discussion and could