Historic listing of ADNOC Logistics & Services on Abu Dhabi Securities Exchange

ADNOC today announced that ADNOC Logistics & Services P.L.C. ("ADNOC Logistics & Services" or the "Company"), a leading global marine shipping and logistics company for the energy sector, has commenced trading on the Abu Dhabi Securities Exchange (ADX), following the completion of its historic initial public offering (the "IPO" or the "Offering").

ADNOC L&S's historic IPO saw exceptional demand, making it the world's highest IPO in 2023 and the second largest listing in the MENA region so far this year after ADNOC Gas' IPO in March, attracting a total investor demand of more than AED 460 billion ($125 billion). Overall, the offering exceeded the target value by 163 times, making it the highest level to exceed the ever target value for building an IPO price in the UAE. ADNOC Logistics & Services currently trades under the symbol "ADNOCLS" and the international identification number "AEE01268A239".

The IPO, a minority 19% stake in ADNOC L&S's issued shares, generated a total revenue of approximately AED 2.83 billion (US$ 769 million), increasing from 15% to meet strong investor demand, with the company's IPO being covered within minutes of the IPO.

Khalid Al Zaabi, Group Chief Financial Officer of ADNOC, said: "This is a historic milestone for the UAE, Abu Dhabi and ADNOC that we are all proud of. ADNOC's six IPOs attracted a total demand of more than AED 1.41 trillion ($385 billion), cementing Abu Dhabi's position as a preferred destination for global capital.

Captain Abdulkareem Al Masabi, Chief Executive Officer of ADNOC Logistics & Services, said: "Thanks to the commitment, dedication and expertise of our people and all our teams, we have successfully completed this historic IPO for ADNOC L&S. As a key enabler of the flow and export of energy resources and products globally, ADNOC Logistics & Services is a leading global provider of critical and specialized services throughout the supply chain of ADNOC's business with outstanding capabilities to continue to ensure a safe and low-emission energy supply to the world. ADNOC L&S is implementing a strategic growth and development program that includes increasing capital expenditure by more than AED 18.36 billion (US$ 5 billion), enabling it to provide attractive opportunities for investors to grow and increase profits while continuously striving to reduce its operations emissions and achieve an ambitious roadmap for sustainable development and growth."

This is ADNOC's sixth historic IPO on the Abu Dhabi Securities Exchange since 2017, following the successful IPOs of ADNOC Distribution, ADNOC Drilling, Fertiglobe, Borouge and ADNOC Gas. ADNOC's IPOs combined to date have raised more than AED 29.38 billion ($8 billion), achieving a total demand of AED 1.41 trillion ($385 billion), reinforcing ADNOC's pivotal role in establishing the country as a preferred destination for global capital.

The strong IPO demand reflects the attractiveness of ADNOC's assets and Abu Dhabi's position as a preferred investment destination for global investors.

In addition to ADNOC L&S's track record of delivering strong revenue growth while strengthening its geographic reach, ADNOC L&S offers investors attractive and growing dividends. The company plans to pay a dividend of AED 716 million ($195 million) for the second quarter and second half of 2023 (equivalent to an annual dividend of $260 million). The company then expects to increase dividends by at least 5% per annum.