ADNOC picks global banks for potential IPO of natgas unit

ADNOC picks global banks for potential IPO of natgas unit

Abu Dhabi National Oil Company (ADNOC) has selected three banks to coordinate on a potential inital public offering (IPO) of its natural gas arm, Bloomberg reported on December 13th, citing informed sources.

ADNOC chose Goldman Sachs Group, Bank of America Corporation, and First Abu Dhabi Bank to be joint global coordinators for the IPO, the sources revealed.

They noted that the details of the IPO had not been fixed, adding that ADNOC was inviting banks to act as book-runners in the offering.

In November, ADNOC announced that it would merge its liquified natural gas and gas processing divisions into a new entity, before offering a minority share of the merged arm on the Abu Dhabi Securities Exchange (ADX) in 2023.

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