ADNOC Gas Unit said the final offer price of the shares was set at 2.37 dirhams ($0.6) per share, valuing ADNOC Gas – at the time of accepting the listing – at about 182 billion dirhams ($50 billion).
Based on the final offer price, the total amount of the offering is approximately 9.1 billion dirhams ($2.5 billion), confirming that the IPO of ADNOC Gas will be the largest ever listing on the Abu Dhabi Stock Exchange after acceptance of the listing. Another conglomerate outperformed IPOs. ADNOC, a Borouge plc company, was successfully listed on the Abu Dhabi Stock Exchange in June 2022.
The pricing process by establishing a book of subscription orders reached a total value exceeding 450 billion dirhams ($124 billion) from qualified companies in several countries including the UAE and individual investors in the UAE. The total subscription is about 50% more than the target value. Once.
ADNOC Group Chief Financial Officer Khalid Al Zaabi said: “The record demand achieved by this IPO makes the Abu Dhabi market and ADNOC Gas Company the largest listing compared to IPOs in the UAE, Middle East and North Africa. This is the largest public offering in the world so far this year. This historic listing is the fifth company that ADNOC has offered a share of its shares to the public in the last few years, and the interest from investor segments confirms the attractiveness of ADNOC’s world-class assets and its low-carbon energy asset base, and Abu Dhabi’s Contributes to strengthening its leading position as an investment destination.
He added: “This IPO represents an attractive investment opportunity and a great achievement in ADNOC’s ongoing plan to create and enhance value, as it confirms ADNOC’s key role in stimulating the growth and development of the local economy and diversifying the investment opportunities that finance provides. markets in the UAE.” , we look forward to attracting a wide range of investors as ADNOC continues its efforts to achieve sustainable growth for the UAE, Abu Dhabi and its stakeholders.
The company confirms that the volume of the new offering has been fully allocated after the previously announced increase of 3.8 billion ordinary shares, which is equivalent to about 5 percent of the company’s total issued capital, which achieved a total proceeds of about $2.5 billion. ADNOC will receive its net proceeds after final settlement of shares. Acceptance of lists is expected to begin on March 13.
If the listing is accepted, ADNOC will hold a 90 percent majority stake in the company.