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Abu Dhabi National Oil Company to float 4% of its gas business in IPO

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ADNOC Gas’s offering is set to be open from Feb. 23 to March 2 for institutional investors, while retail investors can subscribe until March 1

Shares are expected to begin trading on March 13. No unit target price has been set for the 3.07 billion shares that will make up the sale.

ADNOC holds a 95 per cent stake in ADNOC Gas after transferring 5 per cent of the share capital to Abu Dhabi National Energy Company . Following the IPO, ADNOC will hold 91 per cent of ADNOC Gas. ADNOC Gas plans to offer a further $1.625-billion in the second quarter of 2024 for the second half of 2023.

ADNOC is sharpening its focus on gas as Europe seeks to replace all Russian energy imports as early as mid-2024, after gradual supply cuts in the wake of Western sanctions imposed over what Moscow calls its “special operation” in Ukraine.

 

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