UAE IPO Market On Fire

UAE IPO Market On Fire

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  • Abu Dhabi National Oil Co. is reportedly aiming to raise around $1 billion through the initial public offering of its shipping and logistics arm. Adnoc Logistics & Services' potential IPO has added EFG Hermes, Credit Agricole, Societe Generale, Arqaam Capital, Abu Dhabi Commercial Bank, and International Securities as joint book-runners.
  • Adnoc Logistics has already held initial meetings with investors and is looking to launch the IPO in May. This planned IPO follows the $2.5 billion flotation of Adnoc's gas business, which is currently the world's largest IPO of 2023. The size and timeline of the Adnoc Logistics offering are still under discussion and subject to change.

Why it matters

Despite the ongoing slump in IPOs this year due to market volatility and uncertainty, the Middle East remains busy with high demand for offerings. Last year, it accounted for half of the IPO proceeds in Europe, the Middle East, and Africa. Adnoc Gas raised $124 billion from investor orders and has risen 28% from its offer price. Meanwhile, Adnoc Logistics, which has over 200 vessels, plans to launch an IPO soon as it expands its fleet to meet demand.


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