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ADNOC Logistics & Services IPO stake increased to 19%.

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Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Ja... Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai
Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Ja... Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai

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Abu Dhabi National Oil Co. announced a broader maritime and logistics IPO on Monday.

Reuters forecasts that ADNOC will offer 19% of ADNOC Logistics & Services (ADNOC L&S) in the IPO, up from 15%, raising $769 million at high pricing.

ADNOC said its stock would trade well after listing due to strong demand across all tranches.

The share price was 1.99 dirhams ($0.5420) to 2.01 dirhams on May 16. The offer price is May 25.

ADNOC’s second IPO this year, ADNOC L&S, was announced in March by Reuters.

Abu Dhabi-based ADNOC L&S exports crude oil, refined products, dry bulk, and LNG. In 2016, Abu Dhabi National Tanker, Petroleum Services, and Abu Dhabi Petroleum Ports Operating Co combined.

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