IPO WATCH- EFG Hermes gets a piece of ADNOC’s ADX IPO: Abu Dhabi National Oil Company (ADNOC) is planning to issue shares in its gas stations unit this year on the Abu Dhabi Stock Exchange, Bloomberg reports. Sources said that “Goldman Sachs Group Inc., Morgan Stanley and EFG-Hermes are helping to manage the sale…[while,] Bank of America Corp., Citigroup Inc., HSBC Holdings Plc and First Abu Dhabi Bank PJSC were hired as underwriters… Goldman Sachs, Morgan Stanley, and EFG declined to comment.” ADNOC may seek a valuation of up to USD 14 bn, a source said.

Tags: