ADNOC Gas plc announces increase in the total number of shares offered in its IPO

ADNOC Gas plc announces increase in the total number of shares offered in its IPO

- New Offering size of 3,837,571,100 ordinary shares set by ADNOC implies an offering of approximately 5 per cent of ADNOC Gas’ total issued share capital (increased from the previous Offering size of approximately 4 per cent of the Company’s issued share capital), which shall, following completion of the IPO (as defined below) and Admission, make the IPO the largest-ever listing on the ADX.

- The decision to increase the size of the IPO (as defined below) is based on significant investor demand across all tranches.

- The size of the First Tranche and the Third Tranche (each as defined in the UAE Prospectus) of the Offering has been increased to 12 per cent of the Offering (representing 460,508,532 ordinary shares) and 4 per cent of the Offering (representing 153,502,844 ordinary shares) respectively, with 3,223,559,724 ordinary shares (equivalent to 84 per cent of the Offering) reserved for investors in the Qualified Investor Offering (as defined below).

- As previously announced, the price range of the Offering has been set between AED 2.25 to AED 2.43 per share, implying an equity value of $47.0 billion to $50.8 billion (AED 172.7 billion to AED 186.5 billion).

- The subscription period for the UAE Retail Offering and