Abu Dhabi National Oil Company (Adnoc) is looking to divest a 15% stake in its logistics and shipping subsidiary through an IPO on the Abu Dhabi stock exchange.
The oil giant will offer 1.1 billion shares of Adnoc Logistics & Services (Adnoc L&S) to individual investors, employees and other investors.
The subscription period is planned for 16 May to 23 May, with the listing taking place on 1 June.
Adnoc group CFO Khaled Al Zaabi said: “As the sixth company Adnoc is bringing to market, Adnoc L&S is ideally placed to drive performance, deliver value and capitalise on both Adnoc’s ambitious growth road map and the growing global demand for lower-carbon, reliable energy supplies.”
Joint lead managers for the Adnoc L&S IPO include First Abu Dhabi Bank, Abu Dhabi Commercial Bank, EFG Hermes UAE and HSBC Bank Middle East.
Adnoc L&S CEO Abdulkareem Al Masabi commented: “Our planned IPO offers an exciting opportunity to accelerate our growth, supporting Adnoc Group with its ambitious growth strategy, while further expanding the services provided to our customers and exploring new geographical areas and business verticals.
“With high cash flow visibility, a world-class asset base and an experienced management team supported by a highly dedicated workforce, Adnoc L&S is poised for significant growth, and set to continue delivering strong financial and operational performance, while promoting the UAE and Adnoc’s energy transition and decarbonisation agenda.”
The latest news comes barely a few months after Adnoc raised $2.5bn by listing its gas business.
Adnoc Gas was formed through a merger of the operations, maintenance and marketing arms of Adnoc Gas Processing and Adnoc LNG.
Over the past two years, Adnoc has listed fertilisers and clean ammonia products maker Fertiglobe, petrochemicals company Borouge and Adnoc Drilling.