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ADNOC Gas raises €2 billion through its initial public offering

ADNOC Gas is opening up 4% of its capital by selling 3.07 billion shares at a price between 0.58 and 0.62 euro. This operation will allow the company to raise nearly 2 billion euros with leading investors such as a South African fund and an Emirati fund. The offer closes on March 3 and is expected to be listed on the Abu Dhabi Stock Exchange on March 13.

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ADNOC Gas announced on Thursday the price range of its initial public offering, which is expected to raise nearly 2 billion euros. According to a source close to the company, the shares were all sold “within an hour”. ADNOC Gas, a subsidiary of Abu Dhabi National Oil Company (ADNOC), is opening up 4% of its capital by selling 3.07 billion shares at a price of between 2.25 and 2.43 dirhams (between 0.58 and 0.62 euros), it said in a statement.

 

Leading investors

ADNOC Gas’ parent company, ADNOC, is one of the world’s largest producers of crude oil and the main source of revenue for the United Arab Emirates.

Among the major investors who have committed $850 million are the Abu Dhabi pension fund, South African fund Alpha Wave Ventures and UAE’s IHC Capital Holding, according to the release.

 

A valuation of 44.4 to 47.9 billion euros

The transaction would value the company at between 44.4 and 47.9 billion euros, and would enable it to raise just over 1.9 billion euros, at the top end of the range.

The offer closes on March 3, with a listing on the Abu Dhabi Stock Exchange scheduled for March 13.

 

The context of rising gas prices

ADNOC Gas’ IPO comes at a time of increased activity in the gas market, following Russia’s invasion of Ukraine on February 24, 2022. The conflict has caused Russian gas deliveries to plummet, causing prices to soar, and pushing Europeans to look for alternatives. Prices have fallen recently in the short-term markets as a result of a milder than expected winter.

 

The ADNOC Gas IPO attracted strong investor interest and enabled the company to raise nearly €2 billion. This operation comes against a background of rising gas prices, linked to the conflict in Ukraine. ADNOC, the parent company of ADNOC Gas, is one of the world’s largest oil production companies and the main source of revenue for the United Arab Emirates.

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