ADNOC Gas is planning to launch an initial public offering (IPO) for 3,070,056,880 of its shares and list them on the Abu Dhabi Securities Exchange (ADX).
About 4% of ADNOC Gas’ issued share capital will be offered in the IPO, with a retail offering available to various individuals and investors in the UAE, as well as employees and retirees of ADNOC Group companies based in the country.
The subscription period for the retail offering is scheduled to be from February 23, 2023, to March 1, 2023. Additionally, the company will offer shares to qualified institutional and other investors in a qualified investor offering, with the subscription period expected to run from February 23, 2023, to March 2, 2023.
The listing is expected to take place on March 13, 2023. ADNOC currently owns a 95% stake in ADNOC Gas, but after the IPO, it is predicted to retain about 91% ownership.
