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Emirates News Agency – ADX market cap soars to AED2.884 trillion as ADNOC Gas starts trading on Monday

ABU DHABI, 12th March, 2023 (WAM) — Abu Dhabi Securities Exchange (ADX)As ADNOC Gas makes its debut on the First Market – First Category tomorrow starting Monday, March 13, its market capitalization will soar to AED 2.884 trillion.

With the listing of ADNOC Gas, the exchange’s market capitalization will increase from AED 2.702 trillion at the end of the last trading day on Friday to AED 2.884 trillion tomorrow for the first time in its history as the market continues to attract Further IPO efforts further strengthen the UAE’s financial standing both regionally and internationally.

The final offer price of ADNOC Gas shares issued by ADNOC through this offering is set at AED 2.37 per share, implying that the market capitalization of ADNOC Gas (at the time of admission) is approximately US$50 billion (equivalent to approximately AED 182 billion) ).

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).

hatem muhammad

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