Monday 22 April 2024

Adnoc Gas to list on Abu Dhabi exchange on March 13

ABU DHABI, March 10, 2023

The Abu Dhabi Securities Exchange (ADX) has announced the listing of Adnoc Gas for trading in the First Market - First Category, starting from March 13.
The initial public offering (IPO) of Adnoc Gas is set to be the largest in the history of ADX, surpassing that of all other listed Adnoc companies, which include Borouge, which was successfully listed on ADX in June last year.
Adnoc Gas had previously announced the final offer price for the shares offered by Abu Dhabi National Oil Company (Adnoc) in connection with Adnoc Gas’s IPO and listing on the ADX, following the successful conclusion of the bookbuild and public subscription process.
The final offer price for the shares in Adnoc Gas offered by Adnoc via the Offering has been set at AED2.37 per share, implying a market capitalisation (at the time of Admission) of Adnoc Gas of approximately $50 billion.
The price range for the IPO was previously set between AED2.25 to AED2.43 per share, meaning that the Offering was priced towards the top end of the previously announced price range of the Offering, following significant demand from both local and international investors.
Based on the final offer price, the total offering size is approximately $2.5 billion.-TradeArabia News Service


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