Middle East Equity

One of the last big IPOs of 2017 reached a successful conclusion this week, crowning a solid year for issuance in the EMEA region.

Abu Dhabi National Oil Co attracted good international participation to the $850m IPO of Adnoc Distribution, its chain of petrol stations and shops in the United Arab Emirates, which was priced on Friday.

Abu Dhabi National Oil Co, the Abu Dhabi state-owned oil company, is set to price the initial public offering of its distribution arm on Friday, in a deal worth Dh3.125bn ($851m), after revising guidance to the lower half of the range.

The IPO of Adnoc Distribution, the petrol stations business of Abu Dhabi’s state oil company, was covered at its base size, three working days into the bookbuild.

Emaar Properties’ real estate development unit has sagged in the aftermarket after it priced its Dh4.8bn ($1.3bn) IPO last week, amid heightened geopolitical risk in the Middle East and a general weakness in the IPO market.

Emaar Development, the real estate development unit of Emaar Properties, has priced its Dh4.8bn ($1.4bn) IPO below the mid-point of the initial range, valuing the business at Dh24.1bn ($6.6bn).

Bankers working on the IPO of Emaar Development, the real estate development subsidiary of Emaar Properties, have revised the price range to Dh6.03-Dh6.90, from the initial Dh5.70-Dh6.90 range.

Abu Dhabi National Oil Co, the oil company owned by the emirate, has announced plans to float its chain of petrol stations in the United Arab Emirates, in what could be a highly significant deal for the region.

Abu Dhabi National Oil Co, the oil company owned by the government of the United Arab Emirates, has announced plans to float its chain of petrol stations in the UAE in an IPO on the Abu Dhabi Securities Exchange.

The $1.5bn IPO of Emaar Development, the property development unit of Emaar Properties, was covered less than one working day into the bookbuild this week, according to a banker involved.

Another long-awaited IPO kicked off on Monday when Emaar Properties, the United Arab Emirates (UAE) real estate company, launched the spin-off of its flagship property development business, albeit with a smaller deal size than initially expected.

Shares in Hapag-Lloyd, the German container shipping line, are holding up well as the subscription period for its €352m rights issue begins.