UAE’s ADNOC Gas IPO to raise $2.5bn; final price set at Dh2.37/share

SINGAPORE (ICIS)–Abu Dhabi National Oil Company (ADNOC) said on Friday that the initial public offering (IPO) of its gas processing arm ADNOC Gas will raise around $2.5bn, with the final offer price set at UAE dirham (Dh) 2.37 per share.

The final offer price was near the top end of the targeted IPO price range of Dh2.25-2.43 per share, with the offer size of around 5% of ADNOC Gas’ total issued share capital fully allocated, ADNOC said in a statement.

ADNOC Gas is set to start trading on Abu Dhabi Securities Exchange (ADX) on 13 March.

“The offering saw the largest-ever total demand for an IPO in the MENA [Middle East and North Africa] region to date and was significantly oversubscribed by local, regional and international investors with total gross demand for the IPO amounting to over $124bn,” the company said.

Post-IPO, ADNOC Gas will be 90%-owned by ADNOC.

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

($1 = Dh3.67)

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