Markets Adnoc seeks to raise $607m from maritime logistics unit By Pramod Kumar May 16, 2023 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.