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    HomeNewsWorldUAE's ADNOC raises $2.5 billion for gas business in year's biggest IPO

    UAE's ADNOC raises $2.5 billion for gas business in year's biggest IPO

    The state oil giant announced on Feb. 27 it would increase the stake offered to investors in the initial public offering (IPO) of ADNOC Gas to 5% from 4% due to strong demand for the deal.

    Reuters
    March 03, 2023 / 11:38 IST
    (Image: ADNOC)

    Abu Dhabi National Oil Co (ADNOC) released the final pricing for its gas business IPO on Friday, setting the price at 2.37 dirhams per share, towards the higher end of a range earlier indicated.

    The state oil giant announced on Feb. 27 it would increase the stake offered to investors in the initial public offering (IPO) of ADNOC Gas to 5% from 4% due to strong demand for the deal.

    Proceeds raised from the IPO amounted to $2.5 billion, a company statement said, implying a market capitalisation of about $50 billion.

    ADNOC Gas is expected to list and begin trading on March 13.

    Reuters
    first published: Mar 3, 2023 11:38 am

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