EFG Hermes completes $2.8B marketed offering for ADNOC
Updated 2/25/2025 8:44:00 AM
Arab Finance: EFG Hermes, an EFG Holding company, has concluded a marketed offering of ADNOC Gas shares on behalf of Abu Dhabi National Oil Company (ADNOC), as per an emailed press release.
The transaction involved the sale of nearly 3.1 billion shares, equivalent to a 4% stake in ADNOC Gas, at a value of $2.84 billion. This is the first-ever marketed offering in the UAE and the largest placement on the Abu dhabi Securities Exchange (ADX) to date.
EFG Hermes served as joint global coordinator and bookrunner for the offering, which aligns with ADNOC’s strategic objectives to enhance ADNOC Gas’ liquidity and free float.
The offering received exceptional demand from institutional investors across the GCC and globally.
It also marks EFG Hermes’ latest milestone in the GCC equity capital markets (ECM), building on the momentum of being ranked 1st in ECM in 2024 by the London Stock Exchange Group (LSEG).
Ali Khalpey, Head of Equity Capital Markets at EFG Hermes, said: “This marks our ninth ECM transaction for an ADNOC-related company, reaffirming our strong and trusted partnership with ADNOC.”
“Our expertise in managing large-scale equity offerings allows us to support clients in achieving their strategic objectives while optimizing investor participation,” Khalpey added.
This deal follows the EGX-listed firm’s role in major secondary offerings in 2024, including Aramco’s follow-on offering (FMO) and two accelerated book build (ABB) on ADNOC Drilling.
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