ADNOC Logistics and Services IPO Increases in Size

ADNOC Logistics and Services IPO Increases in Size

ADNOC has announced that it will use its right as a selling shareholder to increase the number of ordinary shares offered in the initial public offering (IPO) of ADNOC Logistics & Services to 1,405,714,765 ordinary shares, which equates to 19% of the company’s total issued share capital.

The decision to increase the size of the offering was made based on 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 had previously announced that it would offer 1,109,774,817 ordinary shares, representing 15% of the total issued share capital of the company.

Commenting on the offering upsize, 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 another remarkable accomplishment for ADNOC in its ongoing value creation program. We have witnessed exceptional demand across all tranches, with significant interest across the local, regional and global investment community in this unique opportunity, reflecting ADNOC L&S’ strong growth prospects as a critical enabler of Abu Dhabi and the UAE’s supply of energy to the world while driving the decarbonization of the UAE maritime sector. The ADNOC L&S IPO will be the next landmark listing in Abu Dhabi, cementing ADNOC as the key catalyst to attract a broader and deeper pool of global capital, further bolstering the local financial equity market.”

Additionally, the selling shareholder has chosen to increase the first tranche of the offering, which is reserved for first tranche subscribers (as defined in the UAE Prospectus), from 9% to 12% of the Offering (representing 168,685,772 ordinary shares), in accordance with its right as stated in the UAE Prospectus.

With the remaining 85% of the offering (or 1,194,857,550 ordinary shares) reserved for investors in the professional investor offering, the third tranche of the offering (reserved for employees of ADNOC group companies residing in the UAE and UAE national retirees of ADNOC group companies residing in the UAE) only accounts for 3% of the offering (or 42,171,443 ordinary shares).



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