State-owned oil giant, Abu Dhabi National Oil Company (ADNOC), is reportedly looking to raise $1 billion (AED 3.67 billion) by publicly listing its shipping and logistics unit, ADNOC L&S, following the recent listing of its gas business, according to Bloomberg.
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ADNOC L&S unveils integrated logistics services platform
Joint book-runners
ADNOC has appointed EFG Hermes, Credit Agricole SA, Societe Generale SA, Arqaam Capital Ltd., Abu Dhabi Commercial Bank PJSC, and International Securities as joint book-runners for the potential IPO of ADNOC Logistics & Services. This comes after the gas business IPO, which had a valuation of $11 billion (AED 40.4 billion).
Joint global co-ordinator
Joining Citigroup Inc., First Abu Dhabi Bank PJSC, and JPMorgan Chase & Co, HSBC Holdings Plc has been appointed as a joint global coordinator for the IPO of ADNOC Logistics & Services, demonstrating major banks’ strong interest in the company’s potential public offering.
