ADNOC raises gas segment IPO to 5%

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.

1 year ago

Next Contracts signed to develop Angola’s Agogo field »

Previous « Abraj Energy Services expands its regional presence

Mozambique’s Coral Sul FLNG passes performance test
Air Products’s LNG liquefaction equipment deployed on Coral Sul FLNG in Mozambique has successfully passed…
Saudi Aramco hands $1.7-billion contract to China’s CPECC
Saudi Aramco has awarded a USD 1
Seatrium wins MODEC contract for Guyana-bound FPSO
Singapore’s Seatrium has secured a topside integration project for the FPSO Errea Wittu from Offshore…

Mozambique’s Coral Sul FLNG passes performance test

Air Products’s LNG liquefaction equipment deployed on Coral Sul FLNG in Mozambique has successfully passed its performance test, Air Products… Read More

6 hours ago