United Arab Emirates energy giant Abu Dhabi National Oil Company (Adnoc) is aiming to raise up to $607m in a planned initial public offering for its shipping business Adnoc Logistics & Services (Adnoc L&S).
Adnoc set a price per share of AED1.99 ($0.5420) to AED2.01 for its IPO.
The range value Adnoc L&S at $4.05bn.
Adnoc has said it will offer a 15% stake or 1.11m shares in Adnoc L&S.
The subscription period for the share offering is scheduled to run until 24 May.
Al Seer Marine Supplies & Equipment, National Marine Dredging Co, Alpha Oryx and Abu Dhabi Pension Fund have already made a combined commitment of $180m towards the offering.
The subscription period for the share offering is scheduled to run until 24 May with pricing set for the next day.
Adnoc L&S shares are due to be listed on the Abu Dhabi Securities Exchange and start trading on 1 June.
The listing of Adnoc L&S, which was first raised as a prospect in late 2021, is the sixth in a slew of IPOs brought to the market by Adnoc.
Most recently the energy company raised $2.5bn when it took its gas business public.
Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East and J.P. Morgan have been appointed as joint global coordinators and joint bookrunners for Adnoc L&S’ IPO.
ADNOC L&S was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.
The company operates a fleet of nearly 150 vessels including LNG carriers, VLGCs, VLCCs, LR1 and LRII tankers, sulphur carriers, dry bulk vessels and feeder ships, along with separate offshore and port fleets.
