Investors demanded more than all the shares offered for subscription in Abu Dhabi National Oil Company’s “ADNOC Gas” company within hours of the initial public offering on the Abu Dhabi Securities Market yesterday.

According to a notice sent to investors, the company’s offer book has been completely closed.

It will be the largest IPO on the Abu Dhabi market before the Borouge Chemicals deal in mid-2022.

The price range for the offering shares was set at 2.25 to 2.43 dirhams per share, representing a stake value of $47 billion to $50.8 billion (AED 172.7 billion to 186.5 billion dirhams). ADNOC announced its intention to sell approximately 3.07 billion ordinary shares, representing approximately 4% of the company’s issued capital, with the selling shareholder retaining the right to change the size of the offer at any time before the end of the subscription period. with the laws in force in the UAE, and subject to obtaining the approval of the Securities and Commodities Authority in the country.

The final offer price is expected to be announced on March 3, 2023. The subscription period for the private offer for individuals in the UAE will last until Wednesday, March 1, 2023, and for the private offer for eligible investors will continue until Thursday, March 2. . The Listing Acceptance and Listing Acceptance is expected to close on Monday, 13 March 2023, subject to favorable market conditions and obtaining relevant regulatory approvals in the UAE, including approval of the Listing Acceptance.