Abu Dhabi’s primary energy corporation has successfully conducted the largest listing of the year by raising $2.5 billion from the initial public offering of its gas business, continuing the Middle East’s trend of being a bright spot for share sales in 2022.
Adnoc Gas, a subsidiary of Abu Dhabi National Oil Co., garnered investor interest of $124 billion for a 5% stake, resulting in an oversubscription level of over 50 times.
The shares of Adnoc Gas were priced at 2.37 dirhams ($0.65) each, falling within the range of 2.25 to 2.43 dirhams. The IPO values the company at approximately $50 billion,.
Adnoc Gas enjoyed a boost in natural gas prices due to Russia’s invasion of Ukraine, leading to record adjusted underlying earnings of $8.7 billion between October of the previous year and the following 12 months.
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