ADNOC Gas will be UAE’s first IPO of 2023, dividend set at a substantial $3.25b

ADNOC Gas will be UAE’s first IPO of 2023, dividend set at a substantial $3.25b

Dubai: UAE's first IPO of the year has been announced, with ADNOC Gas set to offer more than 3 billion of its shares and list on Abu Dhabi Securities Exchange (ADX). ADNOC intends to offer approximately 4 per cent of ADNOC Gas’ issued share capital in the offer as part of the UAE Retail Offering, to: (a) individuals and other investors in the UAE; (b) employees of ADNOC group companies residing in the UAE; and (c) UAE National retirees of ADNOC group companies residing in the UAE; and to qualified institutional and other investors. ADNOC retains the right to amend the size of the offer. The IPO comes to market when the Abu Dhabi energy giant is committing significant investments to raise its upstream and downstream capabilities in gas. The indicative price range per share will be published on the offer opening date. It will be 'determined through, and following, a bookbuilding process'. The first tranche for individual investors will have a minimum guaranteed allocation of 2,500 shares per individual. The third tranche - for employees - will have a minimum guaranteed allocation of 5,000 shares. ADNOC has multiple entities listed on ADX already, including ADNOC Distribution, ADNOC Drilling, and