Abu Dhabi National Oil Company (ADNOC) has announced plans to offer up to 222 million ordinary shares of ADNOC Logistics & Services (ADNOC L&S), representing approximately 3% of the company’s issued share capital, through a bookbuild process for institutional investors.
The offering is open exclusively to Professional Investors in the UAE and selected institutional investors internationally, in accordance with Rule 144A and Regulation S of the U.S. Securities Act of 1933. The public will not have access to this sale in the UAE or elsewhere.
Bookbuilding and Settlement
The bookbuilding period began immediately and is expected to close on 29 August 2025, ahead of the market open, with final pricing and allocation determined at the conclusion of the process. Settlement is scheduled for around 3 September 2025.
The sale allows ADNOC to enhance liquidity and trading of ADNOC L&S shares while diversifying its investor base. A higher free float could also enable ADNOC L&S to be included in the MSCI Emerging Market Index, pending the next quarterly review and fulfillment of the relevant criteria. Inclusion would further broaden the company’s global investor profile.
Strong Performance and Growth Prospects
ADNOC L&S posted record Q2 2025 results, with revenue up 40% year-on-year and EBITDA rising 31% YoY, exceeding market expectations. Integrated Logistics demonstrated strong performance even in challenging market conditions, highlighting the company’s strategic diversification and resilient business model. Following this momentum, ADNOC L&S upgraded its full-year guidance, reflecting confidence in its ability to deliver long-term value to shareholders.
Shares retained by ADNOC after the offering will be subject to a six-month lock-up period, with standard carve-outs applied.
Joint Bookrunners and Coordinators
First Abu Dhabi Bank PJSC, J.P. Morgan Securities plc, International Securities LLC, BOCI Asia Limited, and China International Capital Corporation Hong Kong Securities Limited are serving as Joint Global Coordinators and Joint Bookrunners for the offering.
