Following “significant investor demand” Adnoc Gas has increased the size of its IPO from 4% (MEES, 24 February) of the company’s issued share capital to 5%. With the final offer price set at AED2.37 ($0.65) per share and the company valued at around $50bn, the IPO will therefore raise approximately $2.5bn for Adnoc. Adnoc Gas says the offering was more than 50 times oversubscribed.
The IPO of Adnoc Gas is “set to be the largest-ever market debut on the ADX to date,” notes Adnoc CFO Khaled al-Zaabi, adding that it “marks the next remarkable milestone for Adnoc and our ongoing value creation journey.” (CONTINUED - 210 WORDS)