Emirati gas company Adnoc Gas announced on Thursday that it will raise around 2.37 billion euros when it goes public on March 13, driven by record investor demand. The IPO price was set at 2.37 dirhams (0.61 euros), at the high end of the range, valuing the company at around 47.1 billion euros, said a press release from the parent company, Abu Dhabi National Oil Company (Adnoc). The offering was oversubscribed 50 times, with demand exceeding $116 billion, the “largest demand yet for an initial public offering in the Middle East and North Africa”, he said. . To meet demand, Adnoc gas had raised its offer on Monday to around 5% of its capital, once morest 4% initially planned. The company, formed at the start of the year to bring together the operations, maintenance and marketing of gas and liquefied natural gas (LNG) from the wealthy Gulf emirate, will make its debut on the Abu Dhabi Stock Exchange on 13 March. “Adnoc welcomes the unprecedented demand for Adnoc Gas shares from retail investors in the UAE, as well as local and global institutional investors,” Adnoc Group CEO Khaled al-Zaabi said in the statement. . Adnoc, one of the world’s largest oil exporters, will retain a 90% stake in the company. This IPO, the largest to date on the Abu Dhabi Stock Exchange, comes amid renewed activity in the gas market following Russia’s invasion of Ukraine on February 24, 2022.
Emirati gas company Adnoc Gas announced on Thursday that it will raise around 2.37 billion euros when it goes public on March 13, driven by record investor demand. The IPO price was set at 2.37 dirhams (0.61 euros), at the high end of the range, valuing the company at around 47.1 billion euros, said a statement from the…
