Adnoc looks to raise around $2 billion from IPO of gas unit – Gulf Today

Adnoc looks to raise around $2 billion from IPO of gas unit – Gulf Today

Photo used for illustrative purpose.

Abu Dhabi National Oil Company (Adnoc) said on Thursday it has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give Adnoc Gas an equity valuation of $47 billion to $50.8 billion.



Adnoc or the Selling Shareholder) expects to sell 3,070,056,880 ordinary shares, representing approximately 4 per cent of the Company’s issued share capital, with the Selling Shareholder reserving the right to amend the size of the Offering at any time before the end of the subscription period, subject to the applicable laws of the UAE and the approval of the Securities and Commodities Authority.



Assuming all the shares offered are sold, the size of the Offering will be approximately $1.9 billion to $2.0 billion (Dhs6.9 billion to Dhs7.5 billion). The final offer price is expected to be announced