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

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

- ADNOC Gas plc (the “Company” or “ADNOC Gas”) confirms its intention to offer 3,070,056,880 ordinary shares, representing approximately 4 per cent of the total issued share capital of the Company, in an initial public offering (“IPO” or the “Offering”) and to list its shares on the ADX.

- The price range 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).

- Abu Dhabi Pension Fund, Alpha Wave Ventures II, LP, IHC Capital Holding LLC, OneIM Fund I LP, and entities ultimately controlled by ADQ and the Emirates Investment Authority have, directly or indirectly, committed to become cornerstone investors in the IPO with a combined commitment of c. $850 million.

- The subscription period for the Offering starts today and runs until Wednesday, March 1, 2023, for the UAE Retail Offering

- The book building period for the Offering starts today and runs until Thursday, March 2, 2023, for the Qualified Investor Offering.

- The final offer price will be determined through a book building process and is expected to be announced on Friday, March 3, 2023.

- Admission is expected to commence on Monday, March 13,