ADNOC Gas announces final offer price, record demand for IPO upon conclusion of bookbuilding

ADNOC Gas announces final offer price, record demand for IPO upon conclusion of bookbuilding

ABU DHABI, 3rd March, 2023 (WAM) -- ADNOC Gas today announced the final offer price for the shares offered by Abu Dhabi National Oil Company (ADNOC or the Selling Shareholder) in connection with ADNOC Gas’s initial public offering (IPO or Offering) 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 (equivalent to approximately AED182 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 (equivalent to approximately AED9.1 billion). This confirms that post-Admission, the IPO will be the largest-ever listing on the ADX, surpassing that of another ADNOC group company, Borouge plc, which successfully listed on the ADX on 3rd June, 2022.

The bookbuilding process generated orders of over $124