Back to the complete issue
Tuesday, 14 November 2017

ADNOC to sell at least 10% stake in fuel stations unit in December ADX IPO

IPO WATCH- Abu Dhabi’s ADNOC took a step toward its previously hinted sale of least 10% of its fuel stations unit in a December IPO in the Abu Dhabi Stock Exchange, ADNOC CEO Sultan Ahmed Al Jaber said on Monday in an interview with Bloomberg. The move would make it among the first major state-owned energy IPOs in the region, beating out the planned listing of Saudi Aramco which may take place next year. ADNOC is seeking a valuation of between USD 10-14 bn. EFG Hermes reportedly joins Goldman Sachs and Morgan Stanley as joint bookrunners for the offering, while Citigroup, First Abu Dhabi Bank, HSBC and Merrill Lynch International will be coordinating the IPO.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594). Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2016 Enterprise Ventures LLC.