The company cited significant investor demand as the reason for the hike.
According to Reuters, the increase raises expected returns from the IPO from around USD 607 million to around USD 769 million.
A final offer price will be announced on May 25, 2023.
According to the company, unit shares will be sold at between USD 0.54 and USD 0.55.
Al Seer Marine Supplies & Equipment, National Marine Dredging Company, Alpha Oryx and the Abu Dhabi Pension Fund have made a combined commitment of around USD 180 million for shares in the logistics giant.
The IPO is being overseen by Citigroup Global Market, First Abu Dhabi Bank, HSBC Bank Middle East and JPMorgan Chase & Co., with Moelis & Company acting as an independent financial adviser.
Established in 2016 through a merger between Abu Dhabi National Tanker Company, Petroleum Services Company and Abu Dhabi Petroleum Ports Operating Company, ADNOC Logistics & Services transports oil, refined products, dry bulk and LNG from Abu Dhabi to international markets.
This is ADNOC’s second IPO in 2023 after it floated ADNOC Gas in the first quarter.
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