Abu Dhabi - Mubasher: Abu Dhabi National Oil Company (ADNOC) has completed the pricing of a placement to institutional investors of around 222 million shares in ADNOC Logistics & Services (ADNOC L&S).
The transaction represents nearly 3% of the ADX-listed group’s total issued and outstanding share capital, raising its free float to about 22%, according to a press release.
The offering received high demand from institutional investors in the GCC and globally, with oversubscription levels of approximately 7x during an accelerated bookbuild of four hours, which is among the highest seen in a secondary sell-down in the region.
Meanwhile, the offering was priced at AED 5.25 per share, at the tightest discount for a secondary sell-down in the region.
ADNOC generated revenue and earnings growth above market expectations, with EBITDA reaching $744 million in the first half (H1) of 2025, having more than doubled since its initial public offering (IPO) to reach $1.15 billion in 2024.
Likewise, ADNOC L&S upgraded its full-year guidance and announced a 5% increase to the full-year dividend, in line with the dividend policy set out at the time of the company’s IPO.
The net profits increased by 5% year-on-year (YoY) to $420.38 million as of 30 June 2025 from $401.38 million.
ADNOC, as the ultimate beneficiary, will retain around 78% stake in the company.
Khaled Al Zaabi, Group Chief Financial Officer of ADNOC, said: “This offering reinforces our commitment to delivering long-term value for shareholders and supports the execution of our broader strategy to achieve index inclusion of our listed companies.”
“As a result of the placement, ADNOC L&S’s free float will increase from 19% to 22%, improving its trading liquidity, further diversifying the Company’s shareholder base and providing a clear pathway towards MSCI index inclusion,” Al Zaabi mentioned.
He added: “As majority owner, ADNOC remains fully committed to supporting the company to deliver its ambitious growth plans, with continued focus on unlocking long-term, sustainable value for all shareholders.”
First Abu Dhabi Bank (FAB), J.P. Morgan Securities plc, International Securities LLC, BOCI Asia Limited, and China International Capital Corporation Hong Kong Securities Limited are acting as joint global coordinators and joint bookrunners for the offering.
