Adnoc completes historic IPO of Adnoc L&S on ADX
Adnoc completes historic IPO of Adnoc L&S on ADX
Local News, Uncategorized
ABU DHABI / WAM
Adnoc on Thursday 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 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