ADNOC raises gas segment IPO to 5%
ABU DHABI, February 27, 2023 – ADNOC has increased the share of its gas business to be put on public offer from 4% to 5%, Reuters announced on Monday.
The Emirati NOC cited significant investor demand as the main reason for the hike.
As part of the new deal, retail investment for the IPO of ADNOC Gas is raised from 10% to 12%.
Allotted investment from employees and UAE national retirees of ADNOC Group has been raised from 2% to 4%.
The remaining 84% of the IPO will be available to institutional investors.
Last week, ADNOC set the price range for the approximately 3.84 billion shares on offer between USD 0.61 and USD 0.66.
ADNOC is expected to make upwards of USD 2.54 billion.
The energy giant officially announced plans for its IPO earlier in February 2023.
In January 2023, the company established ADNOC Gas as a new entity in charge of all its gas processing and LNG operations.