UAE’s ADNOC Gas shares surge 19% in $2.5b IPO

UAE’s ADNOC Gas shares surge 19% in $2.5b IPO

DUBAI — Shares in the United Arab Emirates' ADNOC Gas rose 19 per cent in their first day of trading on Monday in a $2.5 billion initial public offering that aims to tap into growing demand for the fuel.

ADNOC Gas, a subsidiary of state-owned energy giant Abu Dhabi National Oil Company (ADNOC), closed at 2.82 dirhams ($0.77) after opening at 2.37 and briefly hitting 2.96 on the Abu Dhabi stock exchange.

ADNOC Gas, which only became operational at the start of this year, is the bourse's biggest flotation yet. The overall market was down 0.6 per cent at 9,767.63.