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Adnoc Boosts Size of Logistics Unit IPO to $769 Million Amid Strong Demand

  • Deal could raise $769 mln at the top end, up from $607 mln
  • IPO set to be second-largest Middle East listing of the year
People arrive for a tour of the Ruwais refinery and petrochemical complex in Al Ruwais, United Arab Emirates.

People arrive for a tour of the Ruwais refinery and petrochemical complex in Al Ruwais, United Arab Emirates.

Photographer: Christophe Viseux/Bloomberg

Abu Dhabi’s main energy company boosted the size of its maritime logistics unit’s initial public offering by more than a quarter to as much as $769 million, indicating appetite for Gulf listings remains healthy despite weaker market conditions.

Abu Dhabi National Oil Co. will now sell 1.41 billion shares in Adnoc Logistics & Services, or a 19% stake, up from 1.11 billion previously, according to a statement on Monday. Order books for the IPO were covered minutes after the sale opened last week.