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Friday, June 2, 2023

UAE’s ADNOC Gas IPO raises $2.5bn; final price set at AED2.37/share

SINGAPORE (ICIS) – Abu Dhabi National Oil Company (ADNOC) said on Friday that the initial public offering (IPO) of its natural gas processing unit ADNOC Gas will raise about US$2.5 billion with a final offering price of Dh2. ) 2.37 per share.

The final offer is close to the highest price
Target IPO price range
ADNOC said in a statement, 2.25-2.43 dirhams per share, the issue size is about 5% of the total issued share capital of ADNOC Gas.

ADNOC Gas will start trading on the Abu Dhabi Securities Exchange (ADX) on March 13.

“The offering represents the largest aggregate IPO demand ever seen in the MENA region [Middle East and North
Africa] Total demand for the IPO to date exceeds US$124 billion and is significantly oversubscribed by local, regional and international investors,” the company said.

After the IPO, ADNOC Gas will own 90% of ADNOC.

The IPO would be the largest listing ever on the ADX, surpassing petrochemical producer Borouge, a 54%-owned subsidiary of ADNOC, which began trading on the exchange on June 3, 2022.

($1 = Dh3.67)

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