ADNOC Gas has decided to increase the size of its IPO from 4% to 5%, offering 3.84 billion shares instead of 3.07 billion, making it the largest listing on ADX, according to WAM.
The decision was taken due to high demand from investors across all categories, with the first tranche for retail investors increased to 12% and the third tranche to 4%.
Qualified investors have been reserved 84% of the offering or around 3.2 billion shares, with the price range set between AED 2.25 – AED 2.43 per share, indicating an equity value of $47B to $50.8B.
The final offering price will be announced on March 3. Khaled Al Zaabi, CFO of ADNOC Group, expressed confidence in the attractiveness of ADNOC Gas shares as an investment opportunity and welcomed local and international investors to participate in the company’s future growth and development.
He also emphasized the listing’s significance in the growth and development of the local financial markets, showcasing Abu Dhabi’s ability to attract a diverse group of global capital.
