By: Reuters

Abu Dhabi's ADNOC raised $317 million in an institutional placement of a 3% stake in its logistics and services unit through a bookbuild offering, it said on Thursday.

The United Arab Emirates state oil company said that it completed the pricing of a placement to institutional investors of approximately 222 million shares in ADNOC L&S (ADNOCLS.AD), opens new tab at 5.25 dirhams ($1.43) per share, a discount of 3.3% compared to Thursday’s closing price of 5.43 dirhams.

The company added the offering drew “exceptional demand” from Gulf and international institutional investors, with around 7x oversubscription in a four-hour accelerated bookbuild, one of the region’s highest for a secondary sell-down.
The deal is expected to increase ADNOC L&S's free float to 22% and improve liquidity for the unit's shares, the company said.

Created in 2016, ADNOC L&S exports crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to more than 100 customers in over 50 countries.
ADNOC raised $769 million in 2023 with an initial public offering for the unit and now holds an 81% stake.