Allen & Overy acted for the underwriters on ADNOC Gas' record-breaking $2.5bn IPO on ADX
ADNOC Gas Plc's initial public offering (IPO) and listing on the Abu Dhabi Securities Exchange (ADX) saw Allen & Overy
Allen & Overy acted for the underwriters on ADNOC Gas' record-breaking $2.5bn IPO on ADX
ADNOC Gas Plc's initial public offering (IPO) and listing on the Abu Dhabi Securities Exchange (ADX) saw Allen & Overy provide advisory services to the underwriters.
Abu Dhabi National Oil Company's (ADNOC) IPO of approximately 5 per cent stake in ADNOC Gas on the Abu Dhabi Securities Exchange was advised by Allen & Overy as the underwriters' counsel. The IPO, which raised gross proceeds of around US $2.5 billion, resulted in ADNOC Gas having an implied market capitalisation of around US $50 billion at the time of listing.
This ADNOC IPO became the world's largest listing in 2023 and the largest listing ever on the ADX, surpassing Borouge plc's listing, where Allen & Overy also acted as underwriters' counsel in June 2022.
The IPO received an overwhelming response, with demand from UAE, regional, and international investors resulting in multiple oversubscriptions. The total gross demand for the IPO exceeded US $124 billion, indicating an aggregate oversubscription level of over 50 times.
“This landmark transaction marks yet another of a series of stand-out IPOs for ADNOC in recent years, many of which we have had the pleasure of supporting on,” Allen & Overy lead partner Khalid Garousha said.
Garousha believes that the record-breaking ECM activity in the GCC region reflects the robust and mature state of the market. As such, the law firm is optimistic that this trend will persist for the foreseeable future.
Abu Dhabi-based partner Khalid Garousha and US Securities partner Jeff Hendrickson led the Allen & Overy team, which included lawyers from the UAE and London.