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ADNOC Gas Largest Ever IPO on Abu Dhabi Stock Exchange

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ADNOC Gas, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), experienced a significant increase of 25% in its share price during its $2.5 billion initial public offering on Monday, due to rising demand for fuel. The company, which was launched at the beginning of this year, has become the largest flotation ever on the Abu Dhabi stock exchange. Despite the strong interest, the IPO was oversubscribed even after it was increased from 4.0% to 5.0% of issued share capital. The final offer price of 2.37 dirhams resulted in a market capitalization of around $50 billion, which was close to the upper end of its range. The IPO was more than 50 times oversubscribed, surpassing the previous record set by Saudi Aramco’s $29.4 billion listing over three years ago. This IPO was arranged quickly following the demand for alternative gas resources after Russia’s invasion of Ukraine last year and the increasing need for cleaner fuels in response to global warming concerns

Source: MSN

ADNOC Gas
ADNOC Gas

About ADNOC

It is a large-scale, integrated gas processing company and a majority-owned subsidiary of ADNOC, one of the world’s largest integrated energy companies.

It has access to 95% of the UAE’s natural gas reserves, which is estimated to be the 7th largest natural gas reserve globally. The ADNOC Gas group supplies over 60% of the UAE’s sales gas needs and a diverse customer base in over 20 countries.

As ADNOC continues to deliver on its commitment to sustainability, It is set to play a pivotal role in supporting a responsible energy transition. Demand for natural gas, as the lowest emission hydrocarbon, is expected to continue to grow as the world looks to decarbonize its energy systems.

With its sustainability in mind, It aims to support ADNOC in fulfilling its 25% reduction target in greenhouse gas (“GHG”) emissions intensity by 2030 and drive towards ADNOC’s goal of net zero operations emissions by 2050.

About ADNOC Gas
About ADNOC Gas

World’s largest offshore sour gas development by ADNOC

The multi-billion-dollar project will play a vital role in meeting the UAE’s gas self-sufficiency objective, in line with ADNOC’s integrated gas strategy. Approved by the Supreme Petroleum Council (SPC), the integrated gas strategy aims to unlock and maximize value from Abu Dhabi’s substantial natural gas reserves.

World’s largest offshore sour gas development by ADNOC Gas. image credit ADNOC

Read more on this site: Shanghai Stock Exchange – World’s Leading IPO Venue in 2022

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