June 3, 2025
DUBAI – First Abu Dhabi Bank (FAB), the UAE’s largest bank by assets, is set to raise approximately $480 million through a secondary share sale, according to a statement by Citi, the bookrunner managing the deal.
The offering involves around 113 million shares priced at AED 15.5 ($4.22) per share via an accelerated bookbuilding process. While the identity of the selling shareholder remains undisclosed, Citi confirmed that the books are fully covered, indicating strong investor demand exceeding the offering size.
The offer price reflects a 3.7% discount compared to FAB’s closing price of AED 16.1 per share on the Abu Dhabi Securities Exchange last Friday.
FAB, whose majority shareholder is Mubadala, Abu Dhabi’s $330 billion sovereign wealth fund, reported total assets of AED 1.31 trillion as of March-end. The bank has been pursuing regional and global expansion, including a previously explored acquisition of London-listed Standard Chartered.
Exchange Rate: $1 = AED 3.6726
