Abu Dhabi state gas firm looks to raise $2B in IPO
Abu Dhabi’s state gas company expects to raise up to $2 billion by selling 4% of its shares in an initial public offering
DUBAI, United Arab Emirates (AP) — Abu Dhabi's state gas company expects to raise up to $2 billion by selling 4% of its shares in an initial public offering, the company said Thursday.
It said the price range for the previously announced sale of over 3 billion shares has been set at 2.25 to 2.34 Emirati dirhams, valuing the company at up to $50.8 billion. The subscription period begins Thursday, with the final offer price expected to be announced March 3.
The Abu Dhabi National Oil Company has access to 95% of the UAE’s natural gas reserves, the world’s seventh largest. Its gas division, known as ADNOC Gas, supplies more than 60% of the local market and exports to more than 20 countries.
The gas company had a net income of $4.2 billion in the first 10 months of 2022, up from $3.6 billion in all of 2021.
