ADNOC Gas announces offer price range and opening of subscription period for IPO

ADNOC Gas announces offer price range and opening of subscription period for IPO

ABU DHABI, 23rd February, 2023 (WAM) -- ADNOC Gas today announced the offer price range and the opening of the subscription period for its IPO on the Abu Dhabi Securities Exchange (ADX).

The price range for the Offering has been set between AED2.25 to AED2.43 per share, implying an equity value of $47.0 billion to $50.8 billion (AED172.7 billion to AED186.5 billion).

Abu Dhabi National Oil Company (ADNOC or the Selling Shareholder) expects to sell 3,070,056,880 ordinary shares, representing approximately 4 percent of the Company’s issued share capital, with the Selling Shareholder reserving the right to amend the size of the Offering at any time before the end of the subscription period, subject to the applicable laws of the UAE and the approval of the Securities and Commodities Authority.

Assuming all the shares offered are sold, the size of the Offering will be approximately $1.9 billion to $2.0 billion (AED6.9 billion to AED7.5 billion). The final offer price is expected to be announced on Friday, 3rd March 2023.

The Offering is available to the following subscribers in the UAE Retail Offering to individuals and other investors in the UAE; employees of ADNOC group companies residing in the UAE; and UAE national retirees of ADNOC