Details of the price range of the shares offered
The price range of the shares offered was set between 1.99 dirhams and 2.01 dirhams per share, indicating a value of the shares equal to $4.01 billion to $4.05 billion (approximately $14.7 billion). dirhams to 14.9 billion dirhams).
Abu Dhabi National Oil Company “ADNOC” intends to sell 1.1 billion ordinary shares, representing 15% of the issued capital of the company, with the selling shareholder retaining the right to change the size of the offer at any time before the end of the subscription period, in accordance with the laws in force in the UAE and subject to obtaining the approval of the Securities and Commodities Authority of the UAE.
In the event that all the shares offered are sold, the volume of the offer would be between approximately 601 million dollars and 607 million dollars (equivalent of 2.21 billion dirhams to 2.23 billion dirhams).
The final offering price is expected to be announced on Thursday, May 25, 2023.
It was officially announced on May 10, 2023 that the subscription process is open to the following subscribers:
(1) The offer for individuals in the UAE to: (a) individuals and other investors in the UAE, (b) employees of ADNOC Group companies residing in the UAE, and (c) retired employees of ADNOC Group companies who are citizens and residents of the United Arab Emirates (hereinafter referred to as the “Retail Offer in the United Arab Emirates”). (ii) to institutional investors and other qualified investors in a number of countries, including the United Arab Emirates (the “Professional Investor Offering”). The subscription period for the public offering begins today, Tuesday, May 16, 2023, and will run until Tuesday, May 23, 2023 for the private offering for individuals in the UAE. The bid price formation period begins today, Tuesday, May 16, 2023, and continues until Wednesday, May 24, 2023 for the bid for professional investors.
The offering process and acceptance of listing is expected to be completed on Thursday, June 1, 2023, subject to favorable market conditions and receipt of relevant regulatory approvals in the UAE, including approval to accept the listing. ‘registration.
The allotment notice for the UAE retail offering will be sent on Tuesday, May 30, 2023, with refunds of excess subscription amounts and allotment letters also sent from Tuesday, May 30, 2023.
Mollis & Company UK Limited Partnership (DIFC Branch) has been appointed independent financial advisor to the company.
Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East Limited and JPMorgan Securities plc have been appointed joint bookrunners and joint bookrunners.
Abu Dhabi Commercial Bank, Arqaam Capital Limited, Crédit Agricole Corporate and Investment Bank, EFG Hermes Emirates Limited (in association with EFG Hermes Emirates), International Securities and Société Générale have been appointed Joint Bookrunners.
First Abu Dhabi Bank has been appointed as the lead receiving bank. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank and local bank Al Maryah have been designated as receiving banks.
Neither HSBC Bank Middle East Limited nor any of its affiliates is responsible for participating in, marketing or managing any aspect of the retail offering in the UAE for individuals.
On May 15, 2023, selling shareholder ADNOC and ADNOC Logistics & Services entered into principal investment agreements with each of the principal investors (“Principal Investors”), which includes Al Seer Marine Equipment & Supplies Company. and the National Maritime Dredging Company. Alpha Oryx Limited (wholly owned by Abu Dhabi Developmental Holding Company) and Abu Dhabi Pension Fund, which have committed to subscribe for shares in the offer worth $70 million; $30 million; $40 million; and $40 million, respectively.
Under the underlying investment agreements, investors are required to purchase the shares offered within the professional investor segment at the final offer price.
The underlying investors have agreed to pay approximately $180 million in the IPO, subject to the final offering price and depending on the size of the current offering, with their respective shares subject to a blocking period of twelve months after acceptance of registration.
Here are the main points of the statement:
ADNOC Logistics and Services, the company operating in the field of maritime transport and maritime logistics, confirms its intention to offer approximately 1.1 billion ordinary shares, representing 15% of the issued capital of the company, within the framework of an initial public offering (the “Public Offering” or the “Offering”) and listing its shares on the Abu Dhabi market. The price range of the shares offered has been set between AED 1.99 and AED 2.01 per share, which means that the value of the shares is $4.01 billion to $4.05 billion (14.7 billion AED to 14.9 billion AED). Al-Seer Marine Equipment & Supplies PJSC and National Maritime Dredging Company PJSC. Alpha Oryx Limited (owned in perpetuity by Abu Dhabi Developmental Holding Company WLL) and the Abu Dhabi Pension Fund, directly or indirectly, will be lead investors in the IPO with a joint commitment of approximately $180 million . The subscription period for the offer begins today and continues until Tuesday, May 23, 2023 for the private offer for individuals in the UAE. The bid price construction period starts today until Wednesday, May 24, 2023 for professional investors. The final offering price will be determined through a price construction process and is expected to be announced on Thursday, May 25, 2023. The listing is expected to be accepted and begin trading on the Abu Dhabi Stock Exchange on Thursday, June 1, 2023 .
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