Abu Dhabi#39;s ADNOC looks to raise up to $2 billion from IPO of gas unit

Abu Dhabi#39;s ADNOC looks to raise up to $2 billion from IPO of gas unit

The price range for the unit it created in November by combining its gas processing arm and its liquefied natural gas subsidiary was set at 2.25 dirhams ($0.6126) to 2.43 dirhams per share, the company said in a statement.











Reuters









February 23, 2023 / 11:07 AM IST





Representative image (Image: Shutterstock)



State oil giant Abu Dhabi National Oil Co (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.

The price range for the unit it created in November by combining its gas processing arm and its liquefied natural gas subsidiary was set at 2.25 dirhams ($0.6126) to 2.43 dirhams per share, the company said in a statement.

Cornerstone investors Abu Dhabi Pension Fund, Alpha Wave Ventures II, IHC Capital Holding, OneIM Fund I, and entities ultimately controlled by ADQ and the Emirates Investment Authority have made a combined commitment of around $850 million, it added.

ADNOC is selling roughly 3 billion shares in its gas business, equivalent to about 4%