State oil giant Abu Dhabi National Oil Company (ADNOC) will float its marine and logistics arm ADNOC Logistics and Services (ADNOC L&S) in June, unnamed sources told Reuters. ADNOC has not made a public announcement on the possible IPO and has so far declined to comment on the alleged IPO plans.

Advisors: Citigroup, JP Morgan, and First Bank of Abu Dhabi (FAB) were hired by ADNOC as advisors for the listing late last year, according to Bloomberg. HSBC has also joined the team of advisors, a source told Reuters.

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. The company has floated four major subsidiaries in the previous two years: Borouge, Fertiglobe, ADNOC Drilling, and ADNOC Gas. The hydrocarbons giant had listed its gas subsidiary ADNOC Gas in March and raised USD 2.5 bn in 2023’s biggest IPO so far, according to Bloomberg.

About ADNOC L&S: The 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 ships crude oil, refined petroleum products, dry bulk, and LNG from Abu Dhabi to trade partners throughout the world.