ADNOC’s logistics & services unit successfully completes IPO with record demand

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Abu Dhabi National Oil Company (ADNOC) has announced the successful completion of the bookbuild and public subscription process for the initial public offering (IPO) of its Logistics & Services unit, ADNOC L&S. The IPO involved the sale of 19% of ADNOC L&S’s total issued share capital, which was increased from the initial 15% due to significant investor demand. The final offer price was set at AED 2.01 per ordinary share, resulting in gross proceeds of $769 million for ADNOC upon settlement.

The ADNOC L&S IPO garnered an unparalleled level of interest, commanding the largest demand globally for an IPO this year. The overwhelming demand came from both UAE retail investors and professional investors, with total gross demand exceeding $125 billion. This impressive figure translates to an oversubscription level of 163 times, marking the highest-ever oversubscription for a UAE bookbuild IPO.

Khaled Al Zaabi, Group Chief Financial Officer of ADNOC, expressed his delight at the exceptional demand for ADNOC L&S shares from a wide range of investors. He highlighted that the IPO achieved the highest-ever oversubscription for a UAE bookbuild IPO and demonstrated the significant interest and confidence in ADNOC’s businesses.

The successful IPO of ADNOC L&S represents a milestone for ADNOC’s ongoing efforts to unlock value across its diverse portfolio and attract strategic partners and investors. The strong demand underscores the attractiveness of ADNOC L&S’s logistics and services business, reflecting investor confidence in ADNOC’s long-term growth prospects and commitment to unlocking value for its shareholders.

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ADNOC’s logistics & services unit successfully completes IPO with record demand

Abu Dhabi National Oil Company (ADNOC) has announced the successful completion of the bookbuild and public subscription process for the initial public offering (IPO) of its Logistics & Services unit, ADNOC L&S. The IPO involved the sale of 19% of ADNOC L&S’s total issued share capital, which was increased from the initial 15% due to significant investor demand. The final offer price was set at AED 2.01 per ordinary share, resulting in gross proceeds of $769 million for ADNOC upon settlement.

The ADNOC L&S IPO garnered an unparalleled level of interest, commanding the largest demand globally for an IPO this year. The overwhelming demand came from both UAE retail investors and professional investors, with total gross demand exceeding $125 billion. This impressive figure translates to an oversubscription level of 163 times, marking the highest-ever oversubscription for a UAE bookbuild IPO.

Khaled Al Zaabi, Group Chief Financial Officer of ADNOC, expressed his delight at the exceptional demand for ADNOC L&S shares from a wide range of investors. He highlighted that the IPO achieved the highest-ever oversubscription for a UAE bookbuild IPO and demonstrated the significant interest and confidence in ADNOC’s businesses.

The successful IPO of ADNOC L&S represents a milestone for ADNOC’s ongoing efforts to unlock value across its diverse portfolio and attract strategic partners and investors. The strong demand underscores the attractiveness of ADNOC L&S’s logistics and services business, reflecting investor confidence in ADNOC’s long-term growth prospects and commitment to unlocking value for its shareholders.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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