ADNOC Gas will be UAE’s fist IPO of 2023

ADNOC Gas will be UAE’s fist IPO of 2023

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 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. ADNOC has multiple entities listed on ADX already, including ADNOC Distribution, ADNOC Drilling, and its JVs Borouge and Fertiglobe. Khaled Al Zaabi, Acting Group CFO of ADNOC, said in statement: “We are very pleased to announce our intention to float a minority stake in ADNOC Gas, our world-class gas processing, operations and marketing company. "Natural gas is central to the energy transition and as the UAE’s gas champion, ADNOC Gas is well-positioned to responsibly harness our significant natural gas resources, while driving efficiencies, delivering value, and reliably supplying this key fuel to meet the world’s growing