ADNOC increases L&S offer size after heavy demand

ADNOC increases L&S offer size after heavy demand

Abu Dhabi: Abu Dhabi National Oil Company (ADNOC) will increase the number of ordinary shares on offer at the ADNOC Logistics & Services initial public offering, the energy conglomerate said on Monday. The company will now offer 1,405,714,765 ordinary shares, equivalent to 19 per cent of it total issued share capital, up from 1,109,774,817 ordinary shares or 15 per cent of total issued share capital. The offer size was increased following “significant investor demand across all tranches and to reflect ADNOC’s commitment to a supportive trading environment for the company’s stock post-admission”, the company said. Last week, the offering received enough orders to cover all shares on offer within minutes of the IPO opening. Assuming all the shares on offer are sold, the size of the offering will be approximately $762 million to $769 million (Dh2.80 billion to Dh2.83 billion). The final offer price is expected to be announced on Thursday, May 25. Khaled Al Zaabi, Group CFO of ADNOC, said: “We are delighted to announce that we will be increasing the offer size for the ADNOC Logistics & Services IPO, which is set to be the second-largest market debut so far this year in the Middle East region, marking