ADNOC Logistics & Services Raises $769 Million in Oversubscribed IPO

ADNOC Logistics & Services plc (ADNOC L&S), a global energy maritime logistics leader, successfully completed its initial public offering (IPO) and listing on the Abu Dhabi Securities Exchange (ADX), raising a staggering $769 million in gross proceeds. Shearman & Sterling, a renowned law firm, advised ADNOC L&S and Abu Dhabi National Oil Company (ADNOC) as the selling shareholder throughout the transaction.

The IPO and listing of ADNOC L&S on the ADX were supported by the underwriters with legal advice from Allen & Overy. ADNOC L&S is a leading integrated maritime logistics and shipping company in the UAE.

In addition to this IBRAHIM .N. PARTNERS, a leading law firm in the Middle East region, has successfully advised ADNOC Logistics & Services plc (ADNOC L&S) on its initial public offering (IPO) and listing on the Abu Dhabi Securities Exchange (ADX).

As the dedicated logistics arm for the ADNOC group, ADNOC L&S plays a vital role in providing critical and highly specialized services across ADNOC’s entire value chain. The IPO marked a significant milestone for the company, solidifying its position as a key player in the energy logistics sector.

ADNOC L&S is the maritime logistics arm of ADNOC Group and the largest fully-integrated shipping and logistics company in the region, offering a range of services across three business segments: shipping, integrated logistics and marine services.

The IPO was oversubscribed by more than 22 times and raised AED 3.83 billion, making it the largest IPO in the UAE since 2014. The listing of ADNOC L&S shares on ADX commenced on 13 December 2021 under the symbol “ADLS”.

The successful completion of the IPO demonstrates ADNOC L&S’s strong market reputation, attractive business model, and the overall investor confidence in the company’s future prospects. The raised capital of $769 million will enable ADNOC L&S to further expand its operations, invest in cutting-edge technologies, and explore new growth opportunities in the energy logistics sector.

The ADNOC L&S IPO represents a significant milestone in the MENA region’s capital markets and demonstrates the region’s attractiveness for international investors. It serves as a testament to the strong investor confidence in the UAE’s economy and the continued success of ADNOC as a global energy leader.

The cross-border team of Allen & Overy was headed by Partner Khalid Garousha in Abu Dhabi and US Securities Partner Adam Wells, with the support of lawyers from the UAE, London, the US and Belfast.

The Shearman & Sterling team, consisting of Pawel J. Szaja, Lorenz Haselberger, Kasia Lebiecki, Lauren Richardson, Raja Ghandour, Silvia Montanya, and Daniel Kachmar, played a pivotal role in advising ADNOC L&S and ADNOC, ensuring a seamless and successful IPO and listing process.

The Managing Partner Ahmed Ibrahim led the IBRAHIM .N. PARTNERS team, with the help of Senior Associate Nour Al Jafari and Associate Bahjat Al-Jayyousi.


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