Today, Friday, the Abu Dhabi National Oil Company (ADNOC) issued the final pricing for the initial public offering of the gas unit, setting the price at 2.37 dirhams per share, near the upper end of the range indicated earlier.
The state oil giant announced on February 27 that it would increase the stake offered to investors in the initial public offering of ADNOC Gas to 5%, from 4% due to strong demand.
The company said in a statement that proceeds from the IPO amounted to $2.5 billion, indicating a market capitalization of about $50 billion.
ADNOC Gas shares are expected to be listed and traded on March 13.
The public offering of ADNOC Gas was launched on February 23 in the Abu Dhabi Financial Market.
The price range for the “ADNOC Gas” subscription was set between 2.25 – 2.43 dirhams per share.
The offering of “ADNOC Gas” is the fifth offering of the Abu Dhabi National Oil Group “ADNOC”.
On February 27, ADNOC announced an increase in the stake offered in the initial public offering of its gas unit from 4% to 5%.
Accordingly, the company raised the share available to retail investors from the offered shares from 10% to 12%.
ADNOC also raised the share allocated to Emirati employees and retirees in ADNOC group companies residing in the country to 4% from 2%.
The remaining 84% of the shares in the initial public offering were reserved for institutional investors.
ADNOC intends to sell approximately 3.84 billion shares in its gas unit, equivalent to about 5% of its issued capital.
