Adnoc seeks USD 1 bn in IPO of logistics arm: The UAE’s state-owned Abu Dhabi National Oil Company’s (Adnoc) logistics arm, Adnoc L&S, is looking to raise USD 1 bn through an IPO listing of its shipping and logistics unit, which could happen as soon as May, Bloomberg reports, citing sources in the know. Reports had emerged last week suggesting that the company plans to float the subsidiary in June. Adnoc has yet to release an intention to float and has so far declined to comment on the alleged plans.

We don’t know much yet: Details on the size and timeline of the offering remain under discussion and are subject to change, the sources told Bloomberg.

Adnoc has been on an IPO spree: The company has been restructuring its operations for the past several years, in line with Abu Dhabi’s vision to diversify its economy and attract FDI.In its most recent IPO of a subsidiary, the group raised USD 2.5 bn from the sale of a 5% stake of Adnoc Gas, which attracted more than USD 124 bn in investor orders, Bloombergreported. The group also listed Borouge, Fertiglobe, and Adnoc Drilling.

Advisors: The bookrunners for the transaction are EFG Hermes, Credit Agricole, Societe Generale, Arqaam Capital, Abu Dhabi Commercial Bank, and International Securities. Global coordinators for the transaction are HSBC Holding, Citigroup, First Abu Dhabi Bank, and JPMorgan, Bloomberg reported.

About the company: Adnoc’s logistics unit was created in 2016 through a merger of Abu Dhabi National Tanker Co, Petroleum Services Co, and Abu Dhabi Petroleum Ports Operating Co. The outfit operates over 200 ships, transporting crude oil, refined petroleum products, dry bulk, and LNG from Abu Dhabi to trade partners throughout the world.

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