Shearman And Sterling

News June 01, 2023


Shearman & Sterling advised ADNOC Logistics & Services plc (ADNOC L&S) and Abu Dhabi National Oil Company (ADNOC) P.J.S.C. as selling shareholder in connection with ADNOC L&S’ initial public offering and listing on the Abu Dhabi Securities Exchange (ADX).

ADNOC L&S is a global energy maritime logistics leader and the dedicated and vital logistics arm for the ADNOC group, providing critical and highly specialised services across ADNOC’s entire value chain.

The IPO raised gross proceeds of approximately $769 million (equivalent to approximately AED 2.83 billion) and is the second-largest IPO in the MENA region this year. The transaction saw the largest demand globally for an IPO so far in 2023 and was significantly oversubscribed by local, regional and international investors with total gross demand amounting to over $125 billion (equivalent to over AED 460 billion), implying an oversubscription level of 163 times in aggregate, the highest-ever oversubscription level for a bookbuild IPO in the United Arab Emirates. 

The Team