UAE’s ADNOC to offer 15% stake in logistics unit IPO

Abu Dhabi oil giant ADNOC intends to offer 15% of its shares in unit ADNOC Logistics & Services (ADNOC L&S) through an initial public offering (IPO) on the Abu Dhabi stock exchange, the company said on Wednesday.

ADNOC will offer about 1.1 million shares in its maritime logistics services unit, which is expected to list on June 1, subject to market conditions, the statement said. The subscription period for the share offering is to run from May 16 until May 24.

Reuters had reported in March that ADNOC was gearing up to list ADNOC L&S in June.

“As the sixth company ADNOC is bringing to market, ADNOC L&S is ideally placed to drive performance, deliver value, and capitalize on both ADNOC’s ambitious growth roadmap and the growing global demand for lower-carbon, reliable energy supplies,” Khaled Al Zaabi, group chief financial officer at ADNOC said in the statement.

This will be the Abu Dhabi oil giant’s second IPO this year after it raised $2.5 billion from its gas business in March.

This report’s information was first seen on REUTERS; to read more, click this link.