Today's Edition
ABU DHABI (ALETIHAD)
ADNOC has successfully sold 222 million shares in ADNOC Logistics & Services (ADNOC L&S) through a secondary institutional placement at Dh5.25 per share, raising $317 million (Dh1.16 billion), the company announced on Friday. ADNOC share price was Dh5.43 when the market closed on Thursday.
The transaction represents around 3% of ADNOC L&S’s total issued share capital and increases the company’s free float from approximately 19% to 22%. ADNOC will retain a majority stake of about 78% and has committed to a six-month lock-up period, restricting further share sales during that time.
The accelerated bookbuild, which lasted around four hours, drew exceptional demand of roughly $2.2 billion (Dh8.08 billion) and was nearly seven times oversubscribed – among the highest levels recorded for a secondary sell-down in the region. ADNOC highlighted that the placement was priced at the tightest discount for such a transaction in the Gulf markets since 2020.
Khaled Al Zaabi, Group Chief Financial Officer of ADNOC, said: “Following exceptional demand from both local and international investors, with oversubscription levels of approximately 7x during an accelerated bookbuild of just four hours, we are delighted to announce the successful completion of our $317 million institutional placement of ADNOC L&S shares. This offering reinforces our commitment to delivering long-term value for shareholders and supports the execution of our broader strategy to achieve index inclusion of our listed companies.”
The company noted that ADNOC L&S’s improved free float enhances liquidity in its shares and provides a clear pathway to possible inclusion in the MSCI Emerging Market Index, potentially as early as the next quarterly review, subject to eligibility criteria.
ADNOC said ADNOC L&S continues to demonstrate strong growth momentum, with half-year 2025 results showing revenue and earnings above market expectations. EBITDA reached $744 million (Dh2.73 billion) in H1 2025, doubling since the company’s IPO to total $1.15 billion (Dh4.22 billion) in 2024. The firm also upgraded its full-year guidance and announced a 5 per cent dividend increase.
