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Emirates News Agency – ADNOC Gas to be listed on ADX on March 13

ABU DHABI, 9th March, 2023 (WAM) — The Abu Dhabi Securities Exchange, ADX, has announced the listing and trading of ADNOC Gas PLC on the Primary Market – Category 1 starting from Monday, March 13th.

ADNOC Gas’ initial public offering (IPO) will be the largest in ADX history, surpassing all other listed ADNOC companies, including Borouge PLC’s successful listing on ADX on June 3, 2022.

ADNOC Gas previously announced the final offer for shares issued by Abu Dhabi National Oil Company (ADNOC) following the ADNOC Gas IPO and listing on ADX, following the successful conclusion of the inquiry and public subscription process for the shares.

The final offer price of ADNOC Gas shares issued by ADNOC through this offering is set at AED 2.37 per share, implying a market capitalization (at admission) of ADNOC Gas of approximately USD 50 billion (equivalent to approximately AED 182) ten 100 million).

The price range for the IPO was previously set at between AED2.25 and AED2.43 per share, meaning the offering was priced near the upper end of the previously announced offering price range following strong demand from local and international investors.

Based on the final offering price, the total issuance size is approximately US$2.5 billion (approximately AED9.1 billion).

Amjad Saleh / Tariq Al Faham

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