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5/29/24, 3:55 PM EFG Hermes concludes landmark $ 935 million Accelerated Equity Offering for ADNOC Drilling | Corporate-news – Gulf News
banking division successfully concluded a landmark USD $ 935 million Accelerated

Equity Offering (AEO) for ADNOC Drilling Company PJSC ("ADNOC Drilling"), the

biggest of its kind in the UAE.
The placement constitutes a sale of 880 million shares priced at AED 3.90,

representing 5.5% of ADNOC Drilling’s total share capital. ADNOC will continue to

retain a majority 78.5% shareholding in the company. EFG Hermes acted as a Joint

Global Coordinator and Joint Bookrunner for the Offering. This transaction signifies a

major achievement for EFG Hermes, showcasing the company's increasing expertise
and knowledge in regional capital markets, particularly highlighting its strong

distribution network.

The AEO sets a new standard in the region due to its magnitude, reinforcing EFG

Hermes's standing as the preferred advisor for significant landmark transactions. The

offering saw strong demand from institutional investors in the GCC and
internationally and was priced at AED 3.90 per share, approximately 70% above the

Initial Public Offering (IPO) price of AED 2.30 per share and represents a 5.6%

discount to the company’s closing price on May 22, 2024. Settlement of the offering is

expected to occur on or around May 28, 2024. “We are truly honored and proud to

have been chosen to play a pivotal role in this groundbreaking offering. Marking our
seventh ECM transaction with ADNOC, this transaction underscores the long-standing

and successful relationship between our two companies,” stated Ali Khalpey, Head of

Equity Capital Markets at EFG Hermes's Investment Banking division. “This AEO,

which attracted significant institutional demand from Saudi Arabia, the UAE, and

global investors, establishes a new standard for the size and effectiveness of such

offerings in the region. It is the largest transaction of its kind to date, potentially
paving the way for further similar opportunities.”

The successful completion of the ADNOC Drilling AEO underscores EFG Hermes's

commitment to delivering unparalleled service to its clients and its ambition to lead
the way in shaping the future of financial services in the region and is the latest in a

series of landmark deals the firm has advised on in the GCC over the years, including

eight IPOs in 2023 alone and two in 2024 so far.

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