ADNOC Logistics & Services successfully lists on ADX following record-breaking IPO
ADNOC Logistics & Services plc, a global energy maritime logistics leader, has listed and commenced the trading of its shares on the Abu Dhabi Securities Exchange, following the successful completion of its Initial Public Offering.
The ADNOC Logistics & Services IPO drew the strongest demand of any IPO globally to date in 2023, the company said.
Raising gross proceeds of approximately $769 million, the IPO is the second-largest listing in the Middle East and North Africa this year, following the IPO of ADNOC Gas in March, and generated record total orders of more than $125 billion. With aggregate oversubscription of 163 times, the IPO attracted the highest-ever oversubscription level for a UAE bookbuild IPO, ADNOC said.
The offering of 19% of the company’s total issued share capital was increased from 15% to meet significant investor demand. Based on the final offer price of AED 2.01 per share, ADNOC L&S’ market capitalisation at the time of listing is approximately $4.05 billion, the company said.
Khaled Al Zaabi, Group Chief Financial Officer of ADNOC, commented: “This is a truly historic moment for ADNOC, Abu Dhabi and the UAE, and one in which we can all take immense pride. ADNOC’s six IPOs to-date have drawn over $385 billion of total demand, further cementing Abu Dhabi’s standing as a go-to destination for global capital. The record-setting market debut of ADNOC L&S marks the next extraordinary achievement in our ongoing value creation journey, and we welcome our new investors to partake in our continued growth journey.”
Captain Abdulkareem Al Masabi, Chief Executive Officer of ADNOC L&S, added: “This landmark IPO has been made possible by our talented, skilled, and highly dedicated workforce. As a key enabler of global energy commodities, ADNOC L&S provides critical and highly specialised services across ADNOC’s entire value chain, and is ideally positioned to continue to deliver secure and lower-carbon intensity energy to the world. In pursuing our major strategic expansion drive, underpinned by up to $5 billion in medium-term capital expenditure, ADNOC L&S will provide investors with exciting growth opportunities, as we decarbonize our operations and deliver on our ambitious roadmap for the future.”
Abdulla Salem Alnuaimi, Chief Executive Officer of ADX, said: “Building on a strong start to 2023 with 14% of global IPO activity in Q1, ADX continues its rapid capital market trajectory and activity. The record level of oversubscription garnered by ADNOC L&S through its IPO is a clear demonstration of the value on offer across Abu Dhabi’s core industries, sectors, and market-leading entities.”
ADNOC L&S is the sixth company that ADNOC has successfully brought to market since 2017, having been preceded by ADNOC Distribution, ADNOC Drilling, Fertiglobe, Borouge and ADNOC Gas. On a combined basis, ADNOC IPOs have generated total demand of more than $385 billion and raised gross proceeds of over $8 billion, demonstrating the vital role that ADNOC is playing in broadening and deepening the UAE’s increasingly vibrant and attractive equity capital markets.
In addition to a strong track record for growth and a clearly defined strategy for future expansion, ADNOC L&S offers investors an attractive and progressive dividend payout. The company intends to pay a fixed dividend amount of $195 million for the second quarter and the second half of 2023 (equivalent to annualised dividends of $260 million). Thereafter, it expects to increase the annual dividend per share by at least 5% per annum.
Listing and trading of ADNOC L&S’ shares on the ADX commenced at 10:00 AM UAE time on June 1, under the ticker symbol “ADNOCLS” and ISIN “AEE01268A239”. From Admission, ADNOC owns 81% of the issued share capital of ADNOC L&S. Moelis & Company UK LLP DIFC Branch acted as the Independent Financial Advisor to the Company for the IPO.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More utilities news

France and Germany Clash in Feud Over Europe’s Industrial Crown
Sep 18, 2023
States Beg Biden to Bolster Offshore Wind While Projects Flounder
Sep 15, 2023
Bitcoin Miner Core Scientific Settles With Celsius Over Fees
Sep 15, 2023
Turkey Turns to China for Next Step in Nuclear Construction
Sep 15, 2023
Tom Steyer Launches New $1 Billion Climate Investment Fund
Sep 14, 2023
Fund Managers See Water Risk in Semiconductor Bets Being Mispriced
Sep 13, 2023
UK Battery Capacity to Quadruple Even as Profits Squeezed
Sep 12, 2023
European Gas Extends Rally on Risks From Australia to Norway
Sep 11, 2023
ENEC signs MoU with ORLEN Synthos Green Energy to advance Small Modular Reactors
Sep 11, 2023
Extreme Heat Is Fast Becoming a Threat to Global Fuel Security
Sep 10, 2023
LNG to play a critical role in leading to a lower carbon future
Sep 26, 2023
Pushing for decarbonisation in the East Mediterranean region
Sep 25, 2023
Mexico Pacific president sees exciting times ahead
Sep 22, 2023
Sapphire Technologies CEO sees increased opportunities in climate tech
Sep 21, 2023
Technology to play a role in reusing wasted energy in a circular economy
Sep 20, 2023
Unlocking growth opportunities in sustainable finance
Jul 12, 2023
Decoding the trends shaping the future of energy
Jun 14, 2023
Exploring ESG’s critical role in the journey to net zero
May 18, 2023
Clearing the air on carbon markets in the Middle East
Apr 26, 2023
The IEA’s outlook for global energy markets and the energy transition
Apr 05, 2023Partner content

Investing in a sustainable future: unleashing Asia's $10 trillion renewable energy opportunity

Accelerating the Energy Revolution: key forces driving the transition

With BlueH2 by T.EN Technip Energies aims to unleash your full blue potential

Automation is the key to LNG present and the future scenario for hydrogen
