Adnoc successfully completed the initial public offering (IPO) of its maritime logistics unit, Adnoc Logistics & Services, in the Middle East. The IPO received overwhelming demand, with orders covering all shares within minutes. Adnoc plans to sell approximately 1.11 billion shares, valuing the company at up to $4.05 billion. The deal attracted cornerstone investors, including Al Seer Marine Supplies & Equipment, National Marine Dredging, Alpha Oryx, and Abu Dhabi Pension Fund, committing around $180 million combined. This IPO marks Adnoc’s second listing this year and is set to be the region’s second-largest IPO. Despite a decline in IPO proceeds in the Middle East, the region outperforms Europe in terms of IPO activity. Adnoc has been divesting stakes in its units since 2017 to diversify its economy and reduce reliance on fossil fuels.