Early on Friday, the UAE’s largest energy company, Abu Dhabi National Oil Co. (Adnoc), said that it had finished a $2.84 billion marketing offering in its ADNOC Gas division. According to a release from Adnoc, the offering was priced at Dh3.40 per share. It is one of the largest share sales in recent years and the largest in the Middle East and North Africa (MENA) area since Saudi Aramco’s $12.3 billion follow-on offering in June.
Parent Adnoc successfully offered 3.1 billion shares, or 4% of Adnoc Gas’ entire share capital, to institutional investors. According to one of the bookrunners, books for the share sale were covered across the offering’s range.
As the state-backed oil firm combined its industrial gas, LNG, and gas processing businesses into a single organisation, ADNOC’s gas unit became online in the beginning of 2023. Since then, it has gone public on the Abu Dhabi stock exchange, generating over $2.5 billion in one of the largest initial public offerings (IPOs) in the area in recent years.
In November, parent company ADNOC stated that it had not yet decided whether to sell “additional shares, including the timing or sizing of such a sale,” while seeing “significant value creation potential in ADNOC Gas.
According to a statement released by ADNOC on Thursday, the offering’s joint worldwide coordinators and bookrunners include BofA Securities, Citi, EFG Hermes, First Abu Dhabi Bank, HSBC, and International Securities.
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