Al Tamimi & Company advised ADNOC Gas on its secondary public offering valued at $2.84 billion, the largest-ever share placement on the Abu Dhabi Securities Exchange (ADX).
Gibson Dunn acted as ADNOC’s international legal counsel on the deal which increases its free float from 5% to 9%.
The offering saw 3.07 billion shares made available to institutional investors, with total demand reaching AED 46 billion (US$12.5 billion), oversubscribed by 4.4 times.
Al Tamimi said in a statement the deal will pave the way for ADNOC Gas to be included in major global indices such as MSCI Emerging Markets and FTSE Emerging Markets.
The firm’s team was led by partner Andrew Tarbuck, who was last month appointed head of corporate and commercial. Tarbuck said:
“The success of this secondary public offering reflects the strength and credibility of ADNOC Gas, and it is a clear testament to the sophistication of the UAE’s capital markets.”
The firms previously advised ADNOC Group on the initial public offering of ADNOC Gas in 2023.
The banks managing the transaction included BofA Securities, Citi, EFG Hermes, First Abu Dhabi Bank, HSBC, and International Securities.
