Abu Dhabi state firm Adnoc this week announced that it has valued its Adnoc Logistics & Services (L&S) subsidiary at $4.01-4.05bn for its IPO. With the firm floating 15% of the subsidiary’s share capital, it stands to raise up to $607mn. The subscription period is now underway and runs until 23 May, with a final offer price set to be announced on 25 May and trading on Abu Dhabi’s ADX bourse set to begin on 1 June.

A number of cornerstone investors have committed to a combined $180mn in Adnoc L&S: Al Seer Marine Supplies & Equipment Co ($70mn); National Marine Dredging Company ($30mn); Alpha Oryx Limited (ultimately owned by Abu Dhabi Holding Development Company: $40mn); and Abu Dhabi Pension Fund ($40mn). (CONTINUED - 167 WORDS)