Abu Dhabi National Oil Co. PJSC (ADNOC) has completed the issuance of around 222 million shares in ADNOC Logistics & Services PLC to institutional investors for about AED 1.16 billion ($315.86 million).
The placement constituted approximately three percent of ADNOC L&S’ issued share capital and increases ADNOC L&S’ free float to about 22 percent, the parent company said in a statement online.
“The offering is expected to pave the way for potential MSCI indexation, increasing international and domestic investor awareness of ADNOC L&S’ differentiated proposition as leader in global energy maritime logistics”, ADNOC said.
ADNOC L&S is the state-owned oil and gas company’s integrated energy maritime logistics and shipping business with over 340 owned vessels and more than 600 chartered annually, according to ADNOC.
In May ADNOC Gas PLC, ADNOC’s natural gas processing and sales arm, said it had qualified for the MSCI Emerging Markets Index, which serves as a benchmark for the performance of large and mid-cap stocks in 24 emerging market countries, effective June.
“Previous placements for ADNOC Gas, ADNOC Drilling and ADNOC Distribution have led to all three companies receiving MSCI index inclusion and have since seen a ~5x increase in daily traded volume, 2x plus growth in average foreign ownership and 40 percent plus growth in average analyst coverage”, the statement said.
The ADNOC L&S issuance was priced AED 5.25 per share, “at the tightest discount for a secondary sell-down in the region”, ADNOC said.
“The offering received exceptional demand from institutional investors in the GCC and internationally, with oversubscription levels of c.7x during an accelerated bookbuild of approximately four hours, which is among the highest seen in a secondary sell-down in the region”, ADNOC said.
ADNOC L&S, which began trading on the Abu Dhabi Securities Exchange in June 2023, earlier reported a 40 percent year-on-year revenue growth to $2.44 billion for the first half of 2025. EBITDA and net profit rose 26 percent and five percent respectively.
Boosted by “record-breaking performance in integrated logistics and sustained strength in the shipping market”, ADNOC L&S revised up its 2025 revenue projection to a “high” 20s percentage growth from a “mid to high” 20s percentage growth. EBITDA forecast has been increased to a “mid” 20s percentage growth from a “high teens YoY growth”. Net income guidance has also been adjusted up, to a “low to mid double digit YoY growth” from a “low double digit YoY growth”, as stated in ADNOC L&S’ quarterly report August 12.
ADNOC L&S expects to distribute $287 million in total dividends for 2025, up five percent.
To contact the author, email jov.onsat@rigzone.com
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