The state oil giant announced on Feb. 27 it would increase the stake offered to investors in the initial public offering of ADNOC Gas to 5% from 4% due to strong demand for the deal.
Proceeds raised from the IPO amounted to $2.5 billion, a company statement said, implying a market capitalisation of about $50 billion.Reporting by Rachna Uppal; Editing by Edmund Klamann
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As UAE's ADNOC sets the final price for its gas business IPO, investors are eager to get their hands on a piece of the nation's energy industry. The UAE continues to be a global leader in the energy sector