The Abu Dhabi oil firm ADNOC announced on Wednesday that it planned to conduct an initial public offering (IPO) on the Abu Dhabi stock exchange for 15% of the shares in its subsidiary ADNOC Logistics & Services (ADNOC L&S).
According to the release, ADNOC will, pending market conditions, offer about 1.1 million shares in its maritime logistics services arm, which is anticipated to list on June 1. The share offering’s subscription period will last from May 16 to May 24.
Moelis & Co. is serving as the IPO’s independent financial adviser, and Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East, and J.P. Morgan have been named as joint global coordinators and joint bookrunners.
International clients of ADNOC L&S receive crude oil, refined goods, dry bulk, and liquefied natural gas from Abu Dhabi. It was established in 2016 as the result of a merger between Abu Dhabi Petroleum Ports Operating Co., Petroleum Services Co., and Abu Dhabi National Tanker Co.