DUBAI: Oil giant Abu Dhabi National Oil Co. intends to offer 15 percent of its shares in unit ADNOC Logistics & Services through an initial public offering on the Abu Dhabi stock exchange, the company said on Wednesday, according to Reuters. ADNOC will offer about 1.1 million shares in its maritime logistics services unit, which is expected to list on June 1, subject to market conditions, the statement said. The subscription period for the share offering is to run from May 16 until May 24. "As the sixth company ADNOC is bringing to market, ADNOC L&S is ideally placed to drive performance, deliver value, and capitalize on both ADNOC’s ambitious growth roadmap and the growing global demand for lower-carbon, reliable energy supplies," Khaled Al Zaabi, group chief financial officer at ADNOC said in the statement. This will be the Abu Dhabi oil giant’s second IPO this year after it raised $2.5 billion from its gas business in March. Citigroup Global Markets Limited, First Abu Dhabi Bank, HSBC Bank Middle East and J.P. Morgan have been appointed as joint global coordinators and joint bookrunners, and Moelis & Co. is acting as independent financial adviser on the IPO. ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. It was created in 2016 following a merger between Abu Dhabi National Tanker Co., Petroleum Services Co. and Abu Dhabi Petroleum Ports Operating Co. In March, ADNOC’s gas subsidiary surged more than 20 percent in its first minutes on the Abu Dhabi Securities Exchange market. The company’s IPO was priced at 2.37 dirhams ($0.65) and rose to 2.84 dirhams, bringing the company’s market value to 217.9 billion dirhams, according to ADX data. ADNOC Gas offered 3.84 billion shares in its listing, representing 5 percent of the company’s total shares, and raised $2.5 billion through its offering. The company took the position of largest IPO on the Abu Dhabi Stock Exchange surpassing Borouge, another ADNOC subsidiary.