Abu Dhabi, UAE — Abu Dhabi National Oil Company (ADNOC) on Wednesday announced that the final offer price for the Initial Public Offering of its ADNOC Logistics & Services has been fixed at AED2.01 per ordinary share price.
This implies a market capitalization of AED 14.9 billion ($4.05 billion) of ADNOC L&S at the time of admission. The IPO of 19 percent of ordinary shares, upsized from 15 percent, raised $769 million.
Total demand across the tranches in the UAE retail offering amounted to more than $31 billion, which meant more than 269 times oversubscribed.
ADNOC said the IPO witnessed overwhelming demand from UAE retail investors and professional investors, amounting to $125 billion, implying an oversubscription level of 163 times in aggregate, the highest-ever oversubscription of a UAE bookbuild IPO.
ADNOC L&S is the sixth ADNOC unit to be listed after the IPOs of ADNOC Distribution, ADNOC Drilling, Fertiglobe, Borouge and ADNOC Gas. ADNOC IPOs to date have raised more than $8 billion in total, with total demand exceeding $385 billion.
The expected date of listing on ADX is 1 June 2023. Upon listing, ADNOC will continue to own a majority 81 percent stake in ADNOC L&S.