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Emirates News Agency – ADNOC announces increase in total number of shares in ADNOC Logistics & Services IPO

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ABU DHABI, 22nd May, 2023 (WAM) — The Abu Dhabi National Oil Company, ADNOC, announced today that, as the selling shareholder, it has exercised its rights set out in the UAE Commodity Administration (SCA) approval, Initial Public Offering (IPO) of ADNOC Logistics & Services, a global leader in energy maritime logistics.

ADNOC will now issue 1,405,714,765 common shares, representing 19% of the company’s total issued share capital. ADNOC has previously announced that it will issue 1,109,774,817 ordinary shares, representing 15% of the company’s total issued share capital, and has decided to increase the size of the issue based on significant investor demand for each tranche to reflect ADNOC’s support for the company’s stock after listing trading environment.

Assuming all shares in the offering are sold, the offering size will be approximately US$762 million to US$769 million (AED2.80 billion to AED2.83 billion). Final offers are expected to be announced on Thursday, May 25, 2023.

Commenting on the size of the offering, Khaled Al Zaabi, ADNOC Group Chief Financial Officer, said: “We are delighted to announce that we are increasing the size of the ADNOC Logistics & Services IPO, which will be the second largest IPO in the market so far this year. Middle East, this marks another notable achievement for ADNOC in its ongoing value creation program. We are witnessing exceptional demand across all segments, with strong interest from the local, regional and global investment community in this unique opportunity, reflecting Strong growth prospects for ADNOC L&S as a key enabler of Abu Dhabi and the UAE supplying energy to the world while driving decarbonization of the UAE’s maritime sector. The ADNOC L&S IPO will be the next landmark listing in Abu Dhabi, cementing ADNOC as an attractive Key catalyst for broader and deeper global capital pools, further strengthening local financial equity markets.”

The Selling Shareholders have also decided to increase the size of the First Tranche Issue (reserved for First Subscribers (as defined in the UAE Prospectus)) from 9% to 12% of the Offering in accordance with their rights set out in the UAE Prospectus (representing 168,685,772 ordinary shares). The third tranche sale (reserved for employees of ADNOC group companies residing in the UAE and UAE national retirees of ADNOC group companies residing in the UAE) accounted for 3% of the offering (equivalent to 42,171,443 ordinary shares), with the remaining 85% invested in professional The number of Offers reserved for investors in the Offeror Offer (equivalent to 1,194,857,550 Common Shares).

The subscription period for the offering remains unchanged and will run until: (i) Tuesday, 23 May 2023, as part of the UAE Public Offering to: (a) individuals and other investors in the UAE; (b) employees of ADNOC Group companies; (c) UAE national retirees of ADNOC Group companies residing in the UAE (collectively “UAE Retail Products”); National professional investors and other investors (“Professional Investor Offering”). The final offer price per share will be determined through a book-building process and is expected to be announced on Thursday, May 25, 2023. The offering and admission is currently expected to be completed on Thursday, June 1, 2023, subject to market conditions and relevant regulatory approvals in the UAE, including listing on ADX.

Moelis & Company UK LLP DIFC Branch has been appointed as the Company’s independent financial advisor.

Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East Limited and JPMorgan Securities have been appointed as joint global coordinators and joint bookrunners. Abu Dhabi Commercial Bank, Arqaam Capital Limited, Crédit Agricole Corporate and Investment Bank, EFG-Hermes UAE Limited (joint action with EFG Hermes UAE LLC), International Securities LLC and Société Générale have been appointed as joint bookrunners. First Abu Dhabi Bank has been appointed as the lead receiving bank. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and Al Maryah Community Bank have been named as receiving banks.

Neither HSBC Bank Middle East Limited nor any of its affiliates are responsible for the involvement, marketing or management of any aspect of UAE retail offerings to natural persons.

The respective Shariah Supervisory Committees of First Abu Dhabi Bank and Abu Dhabi Commercial Bank have released statements confirming that they consider the offering to be in compliance with Shariah principles. Investors must not rely on this announcement and should conduct their own due diligence to ensure that this offering is Shariah compliant and suitable for their own purposes.

Details on the offering are available in Arabic and English UAE prospectuses for UAE retail offerings and an English-language international offering memorandum for professional investor offerings. The UAE Prospectus and International Offering Memorandum are available at https://adnoc.ae/en/adnocls-ipo.

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