{"id":70830,"date":"2023-05-17T00:00:00","date_gmt":"2023-05-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/17\/adnoc-ls-bookbuilding-kicks-off-to-massive-investor-demand\/"},"modified":"2023-05-17T00:00:00","modified_gmt":"2023-05-17T00:00:00","slug":"adnoc-ls-bookbuilding-kicks-off-to-massive-investor-demand","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/17\/adnoc-ls-bookbuilding-kicks-off-to-massive-investor-demand\/","title":{"rendered":"Adnoc L&#038;S bookbuilding kicks off to massive investor demand"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Orders for the <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/95b304d1-352b-4243-accf-ab4257d37956\" style=\"\">IPO of Adnoc\u2019s logistics subsidiary<\/a><\/span><span style=\"font-weight:700\">, Adnoc L&S, sold out within minutes of books opening yesterday<\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-16\/adnoc-seeks-to-raise-up-to-607-million-in-logistics-unit-ipo\" style=\"\">Bloomberg<\/a><\/span><span> reports. The company is selling 1.11 bn shares \u2014 a 15% stake \u2014 at AED 1.99-2.01 apiece, which would value the subsidiary at up to USD 4.05 bn, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/892.pdf\" style=\"\">statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The high end of the spread could see Adnoc raising as much as USD 607 mn from the offering, potentially making it the second biggest IPO in the Middle East this year, after the listing of Adnoc Gas.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The company has already secured USD 180 mn in cornerstone investments: <\/span><span>The company entered into cornerstone investment with <\/span><span style=\"font-weight:400;\">Al Seer Marine Supplies and Equipment, which pledged USD 70 mn for a portion of the offered shares; National Marine Dredging Company, who pledged USD 30 mn; and ADQ\u2019s Alpha Oryx and the Abu Dhabi Pension Fund, each of which pledged USD 40 mn. The investors have committed to purchasing shares at the final offer price, which will be announced on 25 May, according to the statement. The shares are subject to a 12-month lock-up arrangement, it added.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The timeline:<\/span><span>The retail offering is scheduled to remain<\/span><span style=\"font-weight:400;\"> open until 23 May, with institutional investors having until 24 May to submit their bids. Trading on the company\u2019s shares will begin on the ADX on 1 June. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Refresher:<\/span><span style=\"font-weight:400;\"> The proceeds raised from the transaction will go towards meeting part of the expenses for Adnoc\u2019s ambitious USD 4-5 bn medium term growth strategy. The strategy includes investments towards expanding the scope of Adnoc subsidiary services, decarbonization efforts, as well as scaling up Adnoc L&S\u2019 shipping, integrated logistics, and services platform operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Adnoc has been on an IPO spree for its subsidiaries:<\/span><span style=\"font-weight:400;\"> The company raised USD 2.5 bn in a listing of its gas subsidiary earlier this year in a transaction which still stands as the world\u2019s second largest IPO of the year thus far. That offering was preceded by earlier listings of other subsidiaries in the Adnoc Group\u2019s portfolio, including the sales of stakes in the company\u2019s drilling unit, fertilizer producer Fertiglobe, and chemical subsidiary Borouge.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisors:<\/span><span style=\"font-weight:400;\">Moelis & Co has signed on as the independent financial advisor for the offering. Citigroup, First Abu Dhabi Bank, HSBC Bank Middle East, and JP Morgan Securities are acting as global coordinators and bookrunners, while Abu Dhabi Commercial Bank, Arqaam Capital, Cr\u00e9dit Agricole, EFG-Hermes UAE, International Securities and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale will also offer their services as bookrunners. Abu Dhabi Islamic Bank, and Al Maryah Community Bank have been appointed as receiving banks, while First Abu Dhabi Bank was chosen as lead receiving bank.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company priced the IPO at a range between AED 1.99 and 2.01 a share<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[229],"tags":[183,17,228,25],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-70830","post","type-post","status-publish","format-standard","hentry","category-ipo-watch","tag-adnoc","tag-enterprise-logistics","tag-ipo-watch","tag-logistics","wpautop","entry"],"acf":{"mongo_id":"0c38eaa8-bd48-4786-bf44-3c3f17d5a95b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/911.jpg,https:\/\/Adnoc.ae\/en\/news-and-media\/press-releases\/2023\/Adnoc-l-and-s-expands-its-shipping-fleet-with-deployment-of-five-very-large-gas-carriers","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc L&S bookbuilding kicks off to massive investor demand","related_issue":[70825],"teaser":"The company priced the IPO at a range between AED 1.99 and 2.01 a share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.12ca4111-125a-4e36-bf52-427629c1b6b6.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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