ADNOC raises US$ 317 mn from stake sale in logistics unit

ADNOC has raised US$317 million through the institutional placement of a 3 per cent stake in its logistics and services arm, ADNOC L&S, according to a press release. The placement involved around 222 mn shares priced at 5.25 dirhams (US$ 1.43) each — a 3.3 per cent discount to Thursday’s closing price of 5.43 dirhams. The offering drew exceptional demand recording nearly 7x oversubscription in a four-hour accelerated bookbuild — marking one of the region’s highest subscription levels for a secondary sell-down. ADNOC L&S’s free float rises to 22 per cent, boosting liquidity for its shares. ADNOC retains an 81 per cent stake after the transaction, having raised US$ 769 mn in the unit’s IPO in 2023. Joint global coordinators included First Abu Dhabi Bank, JPMorgan and China International Capital Corporation.