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March 13, 2023
Gibson, Dunn & Crutcher LLP Advised Abu Dhabi National Oil Company (ADNOC) PJSC and ADNOC Gas plc (ADNOC Gas) on ADNOC Gas’s initial public offering (IPO), the largest ever on the Abu Dhabi Securities Exchange Largest single listing (ADX) and largest global IPO so far in 2023.
The IPO, which raised approximately $2.5 billion in total, was more than 50 times oversubscribed in aggregate. The retail offering attracted the largest demand ever for a MENA IPO, being more than 58 times oversubscribed. The debut of ADNOC Gas on ADX implies a market capitalization of approximately $50 billion.
ADNOC Gas is part of the combined business of ADNOC Gas Processing, ADNOC LNG and ADNOC Industrial Gas. The company commenced operations on 1 January 2023 as a new world-class entity responsible for the operations, maintenance and marketing of ADNOC’s downstream gas processing, liquefied natural gas (LNG) and industrial gases businesses.
Gibson Dunn team led by Dubai partners Marwan Elarabi and jade beadsand lawyer Carson Moore; including employees thomas barker, Omar Morsey, Gisele Zuan, Hou Thomas and Louisa from Belgium.
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