Investors’ requests exceeded all shares offered for subscription in the “ADNOC Gas” company of the Abu Dhabi National Oil Company “ADNOC” within hours after the start of the initial public offering on the Abu Dhabi Securities Market yesterday.
The company’s offering book has been fully covered, according to a notice sent to investors.
This will be the largest IPO ever in the Abu Dhabi market, ahead of the Borouge chemicals deal in mid-2022.
The price range for the offering shares was set between 2.25 and 2.43 dirhams per share, indicating a share value of $47 billion to $50.8 billion (AED 172.7 billion to 186.5 billion dirhams). ADNOC had announced its intention to sell about 3.07 billion ordinary shares, representing about 4% of the company’s issued capital, with the selling shareholder retaining the right to amend the size of the offering at any time before the end of the subscription period, in accordance 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 offering price is expected to be announced on March 3, 2023. The subscription period continues until Wednesday, March 1, 2023 for the private offering for individuals in the UAE, and continues until Thursday, March 2 for the private offering for qualified investors. The offering process and acceptance of the listing is expected to be completed on Monday 13 March 2023, subject to favorable market conditions and obtaining relevant regulatory approvals in the UAE, including approval to accept the listing.
