ADNOC readies IPO of its gas arm to raise $2 bln

ADNOC readies IPO of its gas arm to raise $2 bln

UAE

ABU DHABI, February 21, 2023 – ADNOC plans to float 4% of its newly formed ADNOC Gas on the stock exchange, sources told Reuters on Friday.

ADNOC Gas is valued at around USD 50 billion, which means the company plans to raise around USD 2 billion in funds.

 

The official launch of the IPO is expected on February 24, 2023, with the final offer price announced on March 3, 2023.

ADNOC formed one of the world’s largest gas companies at the beginning of January 2023 by consolidating its gas, LNG and gas marketing operations.

ADNOC Gas has the capacity to produce around 283 mcm (10 bcf) of gas per day from eight processing sites and has a pipeline network of more than 3,250 kilometres.

The gas arm expects to pay dividends of around USD 3.25 billion in 2023.

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