ADNOC Nets $315.9m From Oversubscribed ADNOC L&S Share Placement

Abu Dhabi National Oil Company (ADNOC) has successfully raised $315.86 million through a secondary share placement in its subsidiary, ADNOC Logistics & Services (ADNOC L&S). The transaction, executed via an accelerated bookbuild offering to institutional investors, involved the sale of 222 million shares, representing a 3% stake in the company.

The shares were priced at AED 5.25 each, a 3.3% discount to the last closing price of AED 5.43. Despite the discount, investor appetite was strong, with the offering nearly seven times oversubscribed and completed in just four hours. Settlement of the shares is expected on or around September 3, 2025.

Following the placement, ADNOC’s ownership in ADNOC L&S will reduce to approximately 78%, while the company’s free float will increase from 19% to about 22%. The move is seen as a key step towards potential inclusion in the MSCI Emerging Markets Index, which would enhance liquidity and attract a broader base of global institutional investors.

ADNOC L&S has shown robust growth, reporting a 40% increase in revenue and 26% growth in EBITDA in the first half of 2025. The company also raised its full-year guidance and announced a 5% dividend increase, underpinned by strong long-term contracted revenues.

The offering was jointly managed by First Abu Dhabi Bank, J.P. Morgan, and China International Capital Corporation as global coordinators and bookrunners.

This latest transaction follows ADNOC L&S’s $769 million IPO in June 2023 and ADNOC’s broader strategy of unlocking value across its portfolio through capital markets, including a $2.84 billion secondary sale of its gas unit earlier this year.