Abu Dhabi National Oil Company (ADNOC) raised $317 million through an institutional placement of a 3% stake in its logistics arm, ADNOC Logistics & Services (ADNOC L&S), following a four-hour accelerated bookbuild, according to a company statement. The offering comprised approximately 222 million shares, priced at Dh5.25 ($1.43) each, a 3.3% discount to the closing share price of Dh5.43.
Investor demand outstripped supply, resulting in a seven-fold oversubscription, among the highest ratios recorded in regional secondary offerings. The move will raise ADNOC L&S’s free float to 22% and enhance the stock’s liquidity.
Launched in 2016, ADNOC L&S oversees the export of crude oil, refined products, dry bulk and LNG to more than 100 customers in over 50 countries. ADNOC remains the majority stakeholder with an 81% share following the initial public offering in 2023, which raised $769 million.
This share sale continues ADNOC’s strategy of monetising its units. Earlier this year, its gas business raised $2.84 billion in one of the Middle East’s largest secondary listings.
Banks appointed to lead the offering included First Abu Dhabi Bank, JPMorgan and China International Capital Corporation.
Gazetting this availability of proceeds and scale via deep bookbuilding underscores ADNOC’s approach to fortify liquidity and shareholder breadth amid robust investor interest.
