Abu Dhabi, UAE – ADNOC Gas on Thursday set a price range between AED2.25 to AED2.43 per share for its IPO on the Abu Dhabi Securities Exchange, implying an equity value of $47.0 billion to $50.8 billion (AED172.7 billion to AED186.5 billion).
The Abu Dhabi National Oil Company expects to sell 3,070,056,880 ordinary shares, representing approximately 4 percent of the Company’s issued share capital, with the Selling Shareholder reserving the right to amend the size of the Offering at any time before the end of the subscription period, subject to the applicable laws of the UAE and the approval of the Securities and Commodities Authority.
Assuming all the shares offered are sold, the size of the Offering will be approximately $1.9 billion to $2.0 billion (AED6.9 billion to AED7.5 billion).
The final offer price is expected to be announced on Friday, March 3, 2023.
The Offering is available to the employees of ADNOC group companies residing in the UAE and UAE national retirees of ADNOC group companies residing in the UAE.
Also, it is available to qualified institutional and other investors in a number of countries, including the UAE.
The subscription period for the Offering opens on February 23, and will continue until Wednesday, March 1, for the UAE Retail Offering.
The book-building period for the Offering starts today, February 23, 2023, and will continue until Thursday, March 2, 2023, for the Qualified Investor Offering.
