UAE’s ADNOC Gas to raise $2.5b in world-leading IPO
UAE’s ADNOC Gas to raise $2.5b in world-leading IPO
DUBAI — The UAE's state oil giant ADNOC said it will raise about $2.5 billion in a flotation of its gas business — the world's biggest IPO this year — as it announced final pricing on Friday.
The ADNOC Gas offering was set at 2.37 dirhams ($0.65) per share, towards the top of its range, implying a market capitalisation of about $50 billion, the company said in a statement.
Total demand topped $124 billion, making it more than 50 times oversubscribed, ADNOC added, calling it the biggest demand yet seen for an initial public offering in the Middle East and North Africa.
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