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EFG Hermes, a leading investment banking franchise in frontier and emerging markets (FEM), announces that its investment banking arm has successfully completed an advisory securities transaction in the US$769 million initial public offering (IPO) of Adnoc Logistics & Services (Adnoc L&S) in Abu Dhabi All (ADX).
EFG Hermes acted as joint bookrunner on the transaction.
In this listing, Adnoc L&S issued a total of 19% of the share capital at a par value of AED 2.01 per share, equivalent to 1,405,714,765 shares, implying a market capitalization of US$4.05 billion.
The offering generated the largest IPO investor demand of the year, raising $125 million and representing a 163-fold oversubscription – a record level for a UAE book-run IPO. The company began trading today under the ticker symbol AdnocLS.
Mohamed Fahmi, Co-Head of Investment Banking at EFG Hermes, commented: “We are delighted to enter into a long-term partnership with Adnoc and to advise on the IPO of its maritime logistics arm, Adnoc L&S, which marks Adnoc’s second IPO and the second-largest listing in the Middle East so far this year.Investor interest in GCC listings remains strong, with the regional market raising more than $3.5 billion through a series of IPOs in the first quarter of 2023 – 91% of which came from the UAE .”
He added, “EFG Hermes has successfully advised three of the most significant listings in the GCC this year, including the IPO of Adnoc Gas Plc on the ADX, the IPO of Abraj Energy Services on the Muscat Stock Exchange (MSX) and Al Ansari Financial. servicing PJSC’s IPO on the Dubai Financial Market (DFM), underscoring our unrivaled ability to continue to leverage the region’s strong pipeline of state-owned and private company products to bring exciting results to global and regional investors. An exciting prospect.”
The listing marks the company’s fourth initial public offering this year and the latest of several back-to-back deals in which EFG Hermes has advised on services in the GCC region.
In 2022, the unit advised on the first dual listing between ADX and the Saudi exchange in a deal valued at US$1.8 billion involving Americana Restaurants International, and Taaleem’s US$204 million IPO on DFM.
It also advised on Salik’s $1 billion listing on DFM, Borouge’s $2 billion listing on ADX and Riyadh Cables’ $400 million IPO on the Saudi exchange.
Additionally, during the year, the unit advised Ali Alghanim and Sons Automotive Company on the $323 million private placement ahead of its initial public offering on the Kuwait Exchange. –TradeArabia News Service
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