Institutional Placement of ADNOC L&S Shares Completed

Abu Dhabi National Oil Company (ADNOC) on Friday announced that it has successfully completed the pricing of a placement to institutional investors of approximately 222 million shares in ADNOC Logistics & Services plc.

This represents around 3% of ADNOC Logistics & Services total issued and outstanding share capital and will increase the company’s free float to around 22%, ADNOC said in a regulatory filing with Abu Dhabi Securities Exchange (ADX) this morning.

The offering was in great 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. It was priced at $1.43 per share, at the tightest discount for a secondary sell-down in the region.

ADNOC continues to see significant growth potential in ADNOC L&S given its strong strategic and operating momentum. In its half-year 2025 financial results announced on August 12, the company reported growth in revenue and earnings above market expectations, with EBITDA reaching $744 million, having doubled since the time of its IPO to reach $1.15 billion in 2024.

ADNOC L&S also upgraded its full-year guidance and announced a 5% increase to the full-year dividend, in line with the dividend policy set out at the time of the its IPO.

ADNOC, as ultimate beneficiary, will retain a 78% stake in the company and has agreed to a 6-month share sale lock up, restricting it from selling additional shares in ADNOC L&S for a period of six months from the closing date of the offering, subject to customary carve outs.

Exceptional Demand

ADNOC Group Chief Financial Officer Khaled Al Zaabi said that following exceptional demand from both local and international investors, with oversubscription levels of approximately 7x during an accelerated bookbuild of just four hours, they were delighted to announce the successful completion of $317 million institutional placement of ADNOC L&S shares.

“This offering reinforces our commitment to delivering long-term value for shareholders and supports the execution of our broader strategy to achieve index inclusion of our listed companies. As a result of the placement, ADNOC L&S’s free float will increase from c.19% to c.22%, improving its trading liquidity, further diversifying the company’s shareholder base and providing a clear pathway towards MSCI index inclusion,” he said.

As a majority owner, ADNOC remains fully committed to supporting the company to deliver its ambitious growth plans, with continued focus on unlocking long-term, sustainable value for all shareholders, he added.

ADNOC believes an increase in ADNOC L&S’s free float will provide a pathway to possible inclusion in the MSCI Emerging Market Index, which may take place as early as the next quarterly review, subject to ADNOC L&S meeting all the relevant inclusion criteria.

If ADNOC L&S is included in the MSCI index, it is expected to contribute to the diversification of the Company’s investor base and further strengthen awareness of its unique value proposition.

First Abu Dhabi Bank, J.P. Morgan Securities plc, International Securities LLC, BOCI Asia Limited and China International Capital Corporation Hong Kong Securities Limited have acted as Joint Global Coordinators and Joint Bookrunners for the Offering.