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Adnoc seeks to raise $607m from maritime logistics unit

Water, Waterfront, Barge WAM
The IPO price range was set at AED1.99 to AED2.01 per share

UAE’s Abu Dhabi National Oil Company (Adnoc) has set a price range for an initial public offering of its maritime logistics subsidiary to raise up to $607 million.

The price was set at AED1.99 ($0.5420) to AED2.01 per share, the company said in a statement on Tuesday.

The price range will give Adnoc Logistics & Services (Adnoc L&S) a valuation of $4.05 billion.

Cornerstone investors – Al Seer Marine Supplies & Equipment, National Marine Dredging Co, Alpha Oryx Limited and Abu Dhabi Pension Fund – have made a combined commitment of $180 million.

Last week Adnoc said it would float a 15 percent minority stake in its maritime logistics unit.

Adnoc L&S has one of the region’s largest and most diverse shipping fleets and is among the largest operators and owners of self-propelled jack-up barges.

In addition to its anchor customer, Adnoc, the company services more than 100 global customers and ships to more than 50 countries through a fleet in excess of 500 vessels, including 245 owned vessels.

Adnoc L&S plans to pay dividends of $260 million for 2023, of which $65 million will likely be paid in October. Another $130 million is slated for disbursal in April 2024.