Abu Dhabi National Oil Company (ADNOC) will increase the number of ordinary shares offered in the IPO of logistics unit, ADNOC L&S.
ADNOC will now offer shares equivalent to 19% of the ADNOC L&S's total issued share capital. It had previously announced that it would offer shares representing 15% of the total issued share capital of the company and has made the decision to increase the size of the offering based on significant investor demand, according to a statement from the oil giant.
Assuming all the shares in the offering are sold, the size of the offering will be approximately 2.80 billion dirhams ($762 million) to 2.83 billion dirhams ($769 million).
The final offer price is expected to be announced on Thursday, May 25, 2023.
Al Seer Marine Supplies & Equipment Co PJSC, National Marine Dredging Co PJSC, Alpha Oryx Ltd. (ultimately owned by Abu Dhabi wealth fund ADQ) and Abu Dhabi Pension Fund will become cornerstone investors and have together committed about $180 million.
Abu Dhabi's National Marine Dredging Co. also has approved a $30 million subscription to the IPO.
(Writing by Seban Scaria; editing by Brinda Darasha)