Abu Dhabi National Oil Company (ADNOC) has completed a significant institutional placement, raising $317m by offering a 3% stake in its logistics and services unit, as reported by Reuters, citing the company statement.
The placement was conducted through a bookbuild offering, with around 222 million shares in ADNOC L&S priced at Dh5.25 each. This price represents a 3.3% discount to the closing price of Dh5.43 on 28 August.
The offering attracted substantial interest from both Gulf and international institutional investors, achieving approximately seven-times oversubscription within a four-hour rapid bookbuild.
This level of demand is one of the highest for a secondary sell-down in the region, according to the report.
The transaction is set to increase the free float of ADNOC L&S shares to 22%, enhancing the liquidity of the unit's shares in the market.
ADNOC L&S, established in 2016, has a diversified portfolio, exporting crude oil, refined products, dry bulk and liquefied natural gas (LNG) to over 100 customers across more than 50 countries.
Following an initial public offering (IPO) in 2023, which raised $769m, ADNOC's stake in the unit now stands at 81%.
The company has been actively pursuing secondary offerings, encompassing a substantial $2.84bn raised in February for its gas business, marking one of the largest share sales in the Middle East in recent times.
For the institutional placement, First Abu Dhabi Bank, JPMorgan and China International Capital Corporation were named as joint global coordinators and joint bookrunners.
In related financial news, ADNOC Gas reported record net income of $1.38bn for the second quarter of 2025, a 16% increase from the previous year, along with an 8% rise in EBITDA (earnings before interest, taxes, depreciation and amortisation) to $2.25bn.
