Abu Dhabi National Oil Company (ADNOC) has moved to sell a 15% stake in its shipping and maritime logistics arm ADNOC Logistics & Services (ADNOC L&S) through an initial public offering (IPO) on the Abu Dhabi stock exchange.
The state-owned energy giant will offer about 1.1m shares in ADNOC L&S, with the intention to list the company by June 1. The subscription period for the share offering is to run from May 16 until May 24. The share price will be announced on the first day of the offer period.
ADNOC L&S will be the sixth company ADNOC is bringing to market, and the second this year after the $2.5bn IPO of its gas business in March.
ADNOC L&S operates a diversified fleet of over 240 owned and chartered vessels and has a 25-year exclusive agreement to service all petroleum ports in Abu Dhabi. Its owned shipping fleet is worth around $3.5bn, according to valuation platform VesselsValue.