ADNOCS 317 Million Sell Down

Cleary Gottlieb represented the joint global coordinators and joint bookrunners on the successful $317 million institutional placement by Abu Dhabi National Oil Company PJSC of a 3% stake in ADNOC L&S plc via an overnight accelerated book-built process.

The transaction was allocated within four hours at a discount of 3.3% to the prior day’s closing share price, the tightest discount for a secondary sell-down in the region since 2020. The transaction saw exceptional investor demand of $2.2 billion with an oversubscription level of c.7x, making it among the highest seen in a secondary sell-down in recent years. It is hoped that the increase in ADNOC L&S’ free float will provide a pathway to possible inclusion in the MSCI Emerging Market Index in due course. 

First Abu Dhabi Bank PJSC, J.P. Morgan Securities plc, International Securities LLC, BOCI Asia Limited and China International Capital Corporation Hong Kong Securities Limited acted as joint global coordinators and joint bookrunners. 

The Cleary team was led by Mike Taylor and Mohamed Taha with support from Kay Hechaime.