Abu Dhabi's Mubadala plans biggest oil IPO in 10 years

Abu Dhabi’s Mubadala Investment Co. on Monday said it plans to float a 25 percent stake in Spanish energy company Cepsa on the Spanish stock exchange in the fourth quarter of 2018.

The listing will provide Cepsa with wider access to capital markets and increase its financial flexibility, it said in a statement.

Cepsa could raise about $3.5 billion, Bloomberg reported, citing unnamed sources, making it the biggest oil IPO in about 10 years.

Citigroup Inc., Bank of America Merrill Lynch, Banco Santander SA and Morgan Stanley are joint global coordinators and bookrunners, according to the statement.

Barclays Plc, BNP Paribas SA, First Abu Dhabi Bank PJSC, Societe Generale SA and UBS Group AG are additional bookrunners.