EFG Hermes concludes advisory on $2.5 Billion IPO of Adnoc Gas Plc

EFG Hermes concludes advisory on $2.5 Billion IPO of Adnoc Gas Plc

EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today that its investment banking division successfully completed advisory on the $2.5 billion initial public offering (IPO) of ADNOC Gas plc — a large-scale, integrated gas processing company and an integral part of ADNOC’s value chain — on the Abu Dhabi Securities Exchange (ADX). The listing marks the largest on the ADX to date, and the largest IPO globally so far this year. EFG Hermes acted as joint bookrunner on the transaction. The listing saw ADNOC Gas offer a total of 5 per cent of its share capital, equivalent to 3,837,571,100 shares, at a nominal value of Dh2.37/share — implying a market capitalisation of Dh181.9 billion. The company began trading today under the ticker (ADNOCGAS) Mohamed Fahmi, EFG Hermes’ Co-Head of Investment Banking, comments, “We are delighted to be advising on ADNOC Gas plc’s IPO, which marks the largest listing on the ADX to date. ADNOC Gas comes on the heels of several landmark deals our investment banking division has advised on for the integrated energy solutions provider ADNOC, having previously concluded advisory on ADNOC Drilling’s $1.1 billion and Fertiglobe’s $795 million IPOs in 2021, as