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Abu Dhabi's Adnoc to Plan IPO of Gas Stations This Year

  • Shares of Adnoc Distribution will trade on Abu Dhabi market
  • Retail business includes gas stations, Adnoc Oasis chain
Updated on

Abu Dhabi National Oil Co. plans to sell shares in its gas stations unit this year and list them on Abu Dhabi’s stock exchange, according to a person with knowledge of the matter.

Goldman Sachs Group Inc., Morgan Stanley and EFG-Hermes are helping to manage the sale, according to two people with knowledge, asking not to be identified because the information is private. Bank of America Corp., Citigroup Inc., HSBC Holdings Plc and First Abu Dhabi Bank PJSC were hired as underwriters, people familiar with the matter said in July. Goldman Sachs, Morgan Stanley and EFG declined to comment.