UAE: Adnoc Logistics and Services IPO size hiked after demand

UAE: Adnoc Logistics and Services IPO size hiked after demand

The company says the offering has been increased from 15 per cent to 19 per cent

Adnoc headquarters in Abu Dhabi. — Reuters file

Published: Mon 22 May 2023, 10:49 PM

Adnoc Group on Monday announced that the total number of shares offered for the initial public offering (IPO) of its subsidiary Adnoc Logistics and Services has been increased following strong demand from investors.

A statement issued by the company said the offering has been increased from 15 per cent to 19 per cent while the total number of ordinary shares to be sold will amount to 1.4 billion as compared to 1.1 billion previously.

The Abu Dhabi-headquartered firm said the “decision to increase the size of the offering is based on significant investor demand across all tranches. Assuming all of the shares in the offering are sold, the size of the offering will be approximately $762 million to $769 million (Dh2.80 billion to Dh2.83 billion).”

The size of the first tranche, which is open to eligible individual subscribers and other investors who do not qualify as professional investors, has been increased from nine per cent to 12 per cent – representing 168,685,772 ordinary shares. While three per cent of the offering, which represents 42,171,443 ordinary