Adnoc Gas IPO: Energy company raises $2.5bn from year’s biggest offering – The National

Adnoc Gas IPO: Energy company raises $2.5bn from year’s biggest offering – The National

Adnoc raised about Dh9.1 billion ($2.5 billion) from the sale of a 5 per cent stake in its gas business, marking the year's largest initial public offering after the Middle East registered 48 listings in 2022.

The company sold more than 3.8 billion shares, with the IPO drawing strong demand from institutional and retail investors, and generating more than $124 billion in orders. It was about 50 times oversubscribed, the company said on Friday.

The offer final price was set towards the higher end of Dh2.37 of the previously announced range of Dh2.25 to Dh2.43 per share, implying an equity value of about $50 billion for the company.