Adnoc Gasis a subsidiary of Abu DhabiThe main energy company in the U.S. has grown in its trading debut this year after raising $2.5 billion in the world’s largest initial public offering.
The deal begins what is likely to be a flurry of listings outside the Gulf following last year’s strong performance.
Adnoc Gas shares rose 25% to 2.97 dirhams in early trade in the Emirates. The stock is priced at 2.37 dirhams per share, roughly in the middle of the marketed IPO range, even though investors placed orders worth about $125 billion.
State-owned Adnoc sold a 5% stake in the company, which posted record earnings in the year through October as Russia’s invasion of Ukraine roiled energy markets and raised natural gas prices. Cornerstone investors, including firms linked to the Abu Dhabi state, subscribed to shares worth $850 million ahead of the final pricing announcement.
The deal signals a continuing feverish appetite for IPOs from the Gulf as governments seek to transition away from fossil fuels and bring more international investors into their markets.
The initial public offering is the largest ever in Abu Dhabi, surpassing a $2 billion deal by chemicals company Borrowes in mid-2022. In addition to boros, Abu Dhabi National Oil Company It has sold stakes in two units last year – Adnoc Drilling and fertilizer firm FertiGlobe, and is working on potentially listing its shipping unit, Bloomberg reported in November.
Abu Dhabi is likely to be at the forefront of the Middle East IPO market this year. A senior government official told Bloomberg this month that at least eight companies are expected to list in the emirate.
Potential deals range from industries ranging from technology to media and property management. Abu Dhabi-based artificial intelligence company G42 is considering at least six IPOs, while Investcorp Holdings is weighing an offer of its investment vehicle in the emirate, Bloomberg reported.
Led by First Abu Dhabi Bank PJSC and HSBC Holdings Plc Adnoc Gas IPO,
The deal begins what is likely to be a flurry of listings outside the Gulf following last year’s strong performance.
Adnoc Gas shares rose 25% to 2.97 dirhams in early trade in the Emirates. The stock is priced at 2.37 dirhams per share, roughly in the middle of the marketed IPO range, even though investors placed orders worth about $125 billion.
State-owned Adnoc sold a 5% stake in the company, which posted record earnings in the year through October as Russia’s invasion of Ukraine roiled energy markets and raised natural gas prices. Cornerstone investors, including firms linked to the Abu Dhabi state, subscribed to shares worth $850 million ahead of the final pricing announcement.
The deal signals a continuing feverish appetite for IPOs from the Gulf as governments seek to transition away from fossil fuels and bring more international investors into their markets.
The initial public offering is the largest ever in Abu Dhabi, surpassing a $2 billion deal by chemicals company Borrowes in mid-2022. In addition to boros, Abu Dhabi National Oil Company It has sold stakes in two units last year – Adnoc Drilling and fertilizer firm FertiGlobe, and is working on potentially listing its shipping unit, Bloomberg reported in November.
Abu Dhabi is likely to be at the forefront of the Middle East IPO market this year. A senior government official told Bloomberg this month that at least eight companies are expected to list in the emirate.
Potential deals range from industries ranging from technology to media and property management. Abu Dhabi-based artificial intelligence company G42 is considering at least six IPOs, while Investcorp Holdings is weighing an offer of its investment vehicle in the emirate, Bloomberg reported.
Led by First Abu Dhabi Bank PJSC and HSBC Holdings Plc Adnoc Gas IPO,
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