Page 238 - AAE PR REPORT - June 2024

5/28/24, 9:11 AM EFG Hermes successfully concludes landmark $935mln accelerated equity offering for ADNOC Drilling
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. Most recently, it acted as the joint bookrunner on
Spinney’s IPO on the Dubai Financial Market (DFM) and Parkin’s IPO on the DFM – the

most oversubscribed IPO on the DFM to date. The Firm also advised on the IPO of Dubai

https://www.zawya.com/en/press-release/companies-news/efg-hermes-successfully-concludes-landmark-935mln-accelerated-equity-offering-for-adno… 2/3