(Reuters) – Abu Dhabi wealth fund ADQ has chosen advisers including HSBC Holdings, Citigroup and First Abu Dhabi Bank for a potential initial public offering of Etihad Airways, Bloomberg News reported on Thursday.
Europe-based Rothschild & Co is acting as an independent financial adviser to ADQ, which owns the United Arab Emirates’ national carrier, the report said, citing people familiar with the matter.
The fund had previously been weighing a direct listing for Etihad instead of a traditional IPO, the report said.
Citigroup declined to comment. ADQ, HSBC, Etihad, FAB and Rothschild did not immediately respond to a Reuters request for comment.
Etihad CEO Antonoaldo Neves said on Wednesday the airline has returned to profit and was improving its transparency, governance and balance sheet to be ready for an IPO should ADQ decide to list it.
ADQ has listed several holdings since 2022 as part of a broader strategy to diversify the oil-rich emirate’s economy, deepen capital markets and spur investment.
(Reporting by Surbhi Misra in Bengaluru; Editing by Shilpi Majumdar)
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