EFG Hermes leads $2.8bln marketed offering of ADNOC Gas
Cairo: EFG Hermes, an EFG Holding Company, has completed a $2.84 billion marketed offering of ADNOC Gas shares on behalf of Abu Dhabi National Oil Company (ADNOC).
The transaction covered the sale of approximately 3.10 billion shares, representing a 4% stake in ADNOC Gas, according to a press release.
This marks the first-ever marketed offering in the UAE and the largest placement on the ADX to date.
EFG Hermes acted as joint global coordinator and bookrunner for the offering, facilitating ADNOC's strategic move to enhance ADNOC Gas' liquidity and free float.
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.'
He added: 'Our expertise in managing large-scale equity offerings allows us to support clients in achieving their strategic objectives while optimising investor participation.'
This transaction marks EFG Hermes' latest milestone in the GCC equity capital markets (ECM), after securing the first place in ECM in 2024 by the London Stock Exchange Group (LSEG).
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