ADNOC has completed a marketed offering to institutional investors of 3.1 billion ordinary shares in ADNOC Gas, raising gross proceeds of approximately USD 2.84 billion, ADNOC announced on Friday.
The transaction is the first marketed offering of shares in the UAE and the largest-ever placement of shares in the Abu Dhabi Stock Exchange. With a total oversubscription of 4.4x, shares were priced at AED 3.40 [USD 0.93], or around 43% above the initial IPO price.
The placement represents 4% of the outstanding share capital of ADNOC Gas. ADNOC will retain a majority 86% stake following the transaction, which is expected to settle on February 26, 2025.
“The exceptional demand and competitive discount provided by the international and domestic investor community reflects the strong confidence in ADNOC Gas’ track record and growth prospects. As a dedicated, long-term majority shareholder, ADNOC will continue to support ADNOC Gas, which is integral to Abu Dhabi and ADNOC’s decarbonisation and growth ambitions,” said Khaled Al Zaabi, Group CFO at ADNOC.
ADNOC Gas emerged from the consolidation of ADNOC Gas Processing, ADNOC LNG and ADNOC Industrial Gas. In March 2023, 5% of its shares were listed on the Abu Dhabi Stock Exchange, raising about USD 2.5 billion. The company generated net income of USD 5 billion in 2024.