(Adds details, context)
By Hadeel Al Sayegh
DUBAI, May 16 (Reuters) - State oil giant Abu Dhabi
National Oil Co (ADNOC) said on Tuesday it has set a price range
for an initial public offering of its marine and logistics unit
that could raise up to $607 million and could give ADNOC
Logistics & Services (ADNOC L&S) an equity valuation of as much
as $4.05 billion.
The price range for the unit was set at 1.99 dirhams
($0.5420) to 2.01 dirhams per share, the company said in a
statement.
Cornerstone investors Al Seer Marine Supplies & Equipment,
National Marine Dredging Co, Alpha Oryx Limited and the Abu
Dhabi Pension Fund have made a combined commitment of
approximately $180 million.
ADNOC would raise between $601 million and $607 million from
the sale, the statement said.
ADNOC is offering about 1.1 billion shares in its maritime
logistics services unit, equivalent to 15% of its issued share
capital. The subscription period for the share offering is to
run from May 16 until May 24.
Reuters had reported in March that ADNOC was gearing up
to list ADNOC L&S in June.
This will be the Abu Dhabi oil giant's second IPO this year
after it raised $2.5 billion from its gas business in March.
Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC
Bank Middle East and J.P. Morgan have been appointed as joint
global coordinators and joint bookrunners, and Moelis & Co is
acting as independent financial adviser on the IPO.
ADNOC L&S delivers crude oil, refined products, dry bulk
and liquefied natural gas from Abu Dhabi to its international
customers. It was created in 2016 following a merger between Abu
Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi
Petroleum Ports Operating Co.
($1 = 3.6717 UAE dirham)
(Reporting by Hadeel Al Sayegh; editing by Uttaresh
Venkateshwaran)
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