Goldman Sachs and Bank of America Quit As Underwriters Of Adnoc’s IPO

Goldman Sachs Group Inc. and Bank of America Corp. have given up their roles on Abu Dhabi National Oil Co.’s planned mega initial public offering.

Adnoc, which is listing its natural gas business, is said to be fast-tracking the listing.

Andoc’s listing is now slated to take place as soon as next month and HSBC Holdings Plc is now working alongside First Abu Dhabi Bank PJSC as a joint global coordinator on the proposed listing, replacing Goldman Sachs and Bank of America.

Goldman Sachs and Bank of America are still advising Adnoc in other capacities, according to a Bloomberg report.

The IPO is set to become one of Abu Dhabi’s biggest listings.

Abu Dhabi Commercial Bank PJSC, Arqaam Capital, EFG Hermes, and International Securities are among the bookrunners on the share sale.

Adnoc Gas will be one of the world’s largest gas-processing entities with a capacity of 10 billion cubic feet a day across eight onshore and offshore sites, with a pipeline network of more than 3,250 kilometers (2,019 miles).

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