ADNOC Logistics Takes Part in an IPO Offering with Multiple Options

ADNOC Logistics and Services IPO Reaches Higher End of Price Range

The Abu Dhabi National Oil Company, ADNOC, said today, Thursday, in a statement that the share price of its logistics unit, ADNOC Logistics and Services, in an initial public offering, took place at the higher end of the price range, bringing the company’s market value to approximately $4.05 billion.

The statement added that the price was 2.01 dirhams per share, which is the upper limit of a narrow initial price range set between 1.99 dirhams ($0.5420) and 2.01 dirhams per share.

Successful Offering and Listing Date

The offering raised about $769 million and listing is expected to begin on June 1, according to Reuters.

Increased Underwriting Size

ADNOC said this week it had decided to increase the underwriting size in its supply and services unit after strong investor demand and decided to offer 19% in the initial public offering instead of 15%.

ADNOC Logistics and Services is a subsidiary of the Abu Dhabi National Oil Company focused on the logistics and transportation of petroleum products, as well as providing services related to shipping, terminal operations, and warehousing. The successful IPO of this unit highlights strong investor interest in the company and its strategic operations in the oil and gas industry.