Adnoc to Sell 15% Stake in Logistics Unit in Abu Dhabi IPO
- Adnoc raised $2.5 billion from IPO of gas unit earlier in 2023
- Gulf IPO activity is slower than 2022 amid drop in oil prices
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Abu Dhabi’s main energy company will sell a 15% stake in its maritime logistics unit in an initial public offering, kicking off the second listing of one of its businesses this year.
Abu Dhabi National Oil Co. will offer about 1.11 billion shares in Adnoc Logistics & Services, it said in a statement on Wednesday. The company will announce the price range and start taking investor orders on May 16, with final pricing slated for May 25. Shares are expected to begin trading June 1.