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.