ADNOC L&S IPO marks record oversubscription; to raise $769mln

Abu Dhabi National Oil Company PJSC (ADNOC) has set the final offer price in the IPO of its logistics subsidiary at 2.01 dirhams ($0.54) per share, at the top of the range as indicated earlier.

This implies a market capitalisation at listing of approximately $4.05 billion, the energy major said in a statement on Thursday.

Based on the final price, the total offering size of ADNOC Logistics & Services (ADNOC L&S) is approximately $769 million.

The top price is due to “significant demand from both local and international investors”, it added. The book-building process generated orders of over $125 billion in aggregate, implying an oversubscription level of 163 times in aggregate, the highest-ever oversubscription level for a UAE bookbuild IPO.

Khaled Al Zaabi, Group CFO of ADNOC said: “This offering saw the largest demand globally for an IPO this year to date and achieved the highest-ever oversubscription for a UAE bookbuild IPO.”

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