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DUBAI, Dec 13 (Reuters) – Abu Dhabi National Oil Co (ADNOC) has invited investment banks to play a role in its gas business’s initial public offering (IPO) next year, two sources familiar with the matter told Reuters.
Bankers familiar with the matter said requests were sent to selected banks to join Goldman Sachs in the proposed syndicate as global coordinators and bookrunners in the IPO last week.
ADNOC declined to comment.
ADNOC is merging its gas processing arm and liquefied natural gas (LNG) assets into one listed entity, with Goldman Sachs involved in the deal, two other sources told Reuters last month.
ADNOC in 2010 He said on November 28 that the merger of the two entities would create one of the largest gas processing companies in the world with a processing capacity of 10 billion standard cubic feet per day.
ADNOC has been increasing its focus on the gas market since Western sanctions were imposed on Moscow over its invasion of Ukraine as Europe seeks to replace all Russian energy supplies by mid-2024.
ADNOC plans to offer investors a minority stake in the new company through an IPO on the Abu Dhabi Securities Exchange next year.
The Gulf is seeing a boom in IPOs as the governments of Abu Dhabi, Dubai and Saudi Arabia push state-led listing programs, higher oil prices and fewer such offerings in other markets.
Gulf issuers raised $18.7 billion this year, accounting for 54% of total IPO revenue from Europe, the Middle East and Africa, according to Refinitiv data.
Reported by Hadel Al Sayegh; Editing by Mark Potter
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