ADNOC completes IPO of ADNOC L&S on ADX
ADNOC today announced the commencement of trading of ADNOC Logistics and Services plc (ADNOC L&S), a mission-critical global energy maritime and logistics leader, on the Abu Dhabi Securities Exchange (ADX), following the completion of its landmark Initial Public Offering (IPO).
The historic ADNOC L&S IPO drew the highest demand globally for any IPO so far in 2023, is the second-largest listing in the Middle East and North Africa (MENA) region this year, following the IPO of ADNOC Gas in March, and generated record total orders of over $125 billion.
With aggregate oversubscription in excess of 163 times, the landmark Offering attracted the highest-ever oversubscription level for a UAE bookbuild IPO. ADNOC L&S now trades under the ticker symbol “ADNOCLS” and ISIN “AEE01268A239”.
ADNOC L&S’ IPO raised gross proceeds of $769 million through the Offering of 19% of the Company’s total issued share capital, which was increased from 15% to meet overwhelming investor demand. The order book was covered throughout the range within minutes of opening.
Khaled Al Zaabi, Group Chief Financial Officer of ADNOC, commented, “This is a truly historic moment for ADNOC, Abu Dhabi, and the UAE, and one in which we can all take immense pride. ADNOC’s six IPOs to date have drawn over $385 billion of total demand, further cementing Abu Dhabi’s standing as a go-to destination for global capital. The record-setting market debut of ADNOC L&S marks the next extraordinary achievement in our ongoing value creation journey, and we welcome our new investors to partake in our continued growth journey.”
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