ADNOC L&A IPO provides it with just the growth ballast needed

ADNOC L&A IPO provides it with just the growth ballast needed

ADNOC announced plans to list a 15 per cent stake in its Logistics & Services subsidiary, a crucial player in global energy industry linked maritime and integrated logistics. The IPO subscription is to commence May 16. The company seeks to raise around $1 billion from the IPO, which will follow the $2.5 billion one from ADNOC’s gas business in March - and the world’s largest IPO of 2023 to date. ADNOC Gas received over $124 billion in investor orders and has since increased by approximately 28% from its initial offer price. ADNOC L&S possesses one of the region’s largest and most diverse shipping fleets. It is a prominent owner of self-propelled jack-up barges and runs a substantial integrated energy supply base in the UAE. Providing shipping, logistics, and marine services, the company facilitates the reliable transportation of energy on a global scale, while elevating the UAE’s stature in the shipping and logistics industry. With over 500 vessels - including 245 owned - ADNOC L&S caters to more than 100 customers and delivers to over 50 countries. The company serves as a sustainability champion within the UAE’s marine and logistics ecosystem, aiming to reduce carbon intensity per transport by 40 per