Adnoc raised $317mn through a 222mn share institutional placement of shares in its Adnoc L&S logistics subsidiary. This represents 2% of Adnoc L&S’s share capital, increasing its free float to around 22%, and was priced at AED5.25 ($1.4) per share. The firm’s shares were priced at AED2.01 during its IPO in May 2023 (MEES, 19 May 2023).