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Goldman, JPMorgan, HSBC in race for lead roles on UAE ADNOC retail unit IPO: sources

Reuters  |  ABU DHABI/DUBAI 

By Stanley Carvalho, Saeed Azhar and Hadeel Al Sayegh

ABU DHABI/(Reuters) - Abu Dhabi's national company is weighing proposals from Goldman Sachs, First Bank, HSBC and JPMorgan for lead roles in the listing of its retail unit as the emirate joins other states in privatising assets, sources familiar with the matter said.

Rothschild is separately in a strong position for an advisory role in a deal that could raise $1.5 to $2 billion, sources told

The listing of National Co's (ADNOC) Distribution, which manages 300 petrol stations as well as convenience stores across the United Arab (UAE), is planned before the end of the year, one of the sources told

The pitching process for the deal is under way after unlisted announced this week that it is looking to float some of its services businesses and enter tie-ups with global investors to help it create new revenue streams and secure more market access.

Ten banks have been invited to pitch for a role in the IPO, one of the sources said.

declined to confirm details of the pitching process, but a spokesman told "central to ADNOC's new approach is the more active management of its portfolio of assets and businesses."

The banks either declined to comment or did not immediately respond to requests for comments.

(Editing by Keith Weir)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 12 2017. 14:07 IST