EFG Hermes closes $935M AEO for ADNOC Drilling
Updated 5/26/2024 4:58:00 AM
Arab Finance: The investment banking division of EFG Hermes, a subsidiary of EFG Holding, has closed a landmark $935 million accelerated equity offering (AEO) for ADNOC Drilling Company, as per an emailed press release.
This placement is the biggest of its kind in the UAE, constituting a sale of 880 million shares, or 5.5% of ADNOC Drilling’s total share capital, priced at AED 3.90.
This AED 3.90 price comes nearly 70% above the initial public offering (IPO) price of AED 2.30 per share, representing a 5.6% discount to the company’s closing price on May 22nd.
Settlement of the offering is expected to occur on or around May 28th.
ADNOC will hold onto a majority stake of 78.5% shareholding in the company, with the offering witnessing a strong demand from institutional investors in the GCC and internationally.
EFG Hermes served as a joint global coordinator and joint bookrunner for the offering.
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