United Arab Emirates

ADNOC Logistics & Services IPO: Offer size raised on high demand

  • ADNOC is now selling 19% of the company, up from 15% originally. Secondary market liquidity should benefit

  • The price range is unchanged and looks attractive versus listed peers. Previous ADNOC listings have performed well

  • We see earnings growing 90% this year and 10% CAGR thereafter, driven by 8% annual top line growth

May 23rd, 2023
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

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