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Emirates News Agency – ADNOC Gas posts AED33.8 bn profit on first day after ADX IPO

ABU DHABI, 13th March, 2023 (WAM) — ADNOC Gas shares boosted earnings and capital profits to over AED33.8 billion ( ADX).

As of the end of today’s trading session, the company’s market value increased from 181.9 billion dirhams to 215.6 billion dirhams, closing at 2.81 dirhams per share, an 18.6% increase from the final issue price.

In its first trading day, a total of 276.2 million shares worth AED781.9 million were actively traded through 8,921 trades.

Today, ADNOC Gas shares began trading on the ADX in the largest successful IPO on the market so far this year, and the largest globally.

IPO raised gross proceeds of AED9.1 billion through Abu Dhabi National Oil Company (ADNOC), acquiring a minority stake of approximately 5% of the company’s total issued capital, witnessing UAE’s strongest ever IPO Demand, total demand across all segments exceeded AED 450 billion, about 50 times above target.

Mohammad Amir / Khoder Nashar

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