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ADNOC Gas, a subsidiary of state oil giant Abu Dhabi National Oil Company (ADNOC), has increased the number of shares available in its initial public offering (IPO) to 3.84 billion shares, from 3.07 billion, amid “significant demand” from investors.
The new offering represents approximately 5% of the business unit’s total issued share capital, making it the largest-ever listing on the Abu Dhabi Securities Exchange (ADX), the company said on Monday.
“The decision to increase the size of the IPO… is based on significant investor demand across all tranches.”
The first tranche of the offering has been increased to 12%, representing more than 460.5 million ordinary shares, while the third tranche has been expanded to more than 153.5 million shares, or 4% of the offering.
Around 3.2 billion shares, or 84% of the offering, are reserved for qualified investors.
The price range of the offering has been set between AED 2.25 to AED 2.43 per share, implying an equity value of $47 billion to $50.8 billion.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
