EFG Hermes Successfully Completes USD 2.84 Billion Marketed Offering of ADNOC Gas Shares on Behalf of ADNOC
EFG Hermes, an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA), announced today that its investment banking division has successfully completed a marketed offering of ADNOC Gas shares on behalf of Abu Dhabi National Oil Company (ADNOC). The transaction, which involved the sale of approximately 3.1 billion shares representing a 4% stake in ADNOC Gas and valued at USD 2.84 billion, marks the first-ever marketed offering in the UAE and the largest placement on the ADX to date.
EFG Hermes acted as Joint Global Coordinator and Joint Bookrunner for the offering, facilitating ADNOC’s strategic move to enhance ADNOC Gas’ liquidity and free float. The transaction saw exceptional demand from institutional investors across the GCC and internationally.
Ali Khalpey, Head of Equity Capital Markets at EFG Hermes, said: “We are delighted to have played a pivotal role in this significant offering. This successful transaction underscores the robust demand for ADNOC Gas shares and highlights the continued investor confidence in the company’s track record and growth trajectory. This marks our ninth ECM transaction for an ADNOC-related company, reaffirming our strong and trusted partnership with ADNOC.” He added, “Our expertise in managing large-scale equity offerings allows us to support clients in achieving their strategic objectives while optimizing investor participation. This deal further cements EFG Hermes’ leadership in regional capital markets and its ability to execute landmark transactions across MENA.”
This transaction marks EFG Hermes’ latest milestone in the GCC equity capital markets (ECM), building on the momentum of being ranked 1st in ECM in 2024 by the London Stock Exchange Group (LSEG). This deal also follows the firm’s role in major secondary offerings in 2024, including the landmark Aramco Follow-on Offering (FMO) and two Accelerated Bookbuild Offerings (ABB) on ADNOC Drilling, showcasing the firm’s expertise in rapid and efficient execution.
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About EFG Holding
EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a financial institution that boasts a remarkable 40-year legacy of success in seven countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (Bank NXT) — the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes.
EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers extensive financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a microfinance player, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a universal financial technology powerhouse, PayTabs Egypt, a digital payment platform, Bedaya for mortgage finance, Kaf for insurance, Fatura, a technology-backed B2B marketplace and EFG Finance SMEs which provides financial services for small and medium enterprises. Furthermore, the company delivers commercial banking solutions through Bank NXT, an integrated retail and corporate banking product provider in Egypt.
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May El Gammal
Group Chief Marketing & Communications Officer of EFG Holding
Omar Salama
Senior Communications Manager of EFG Holding
The EFG Holding Public Relations Team
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