Gulf IPO Rush Resumes as Adnoc Tees Up Largest Deal of 2023
- Adnoc Gas is set to list in Abu Dhabi around mid-March
- Deal may give company a valuation of at least $50 billion
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The United Arab Emirates’ national oil company plans to raise $2 billion or more by listing its natural gas business in what could the largest initial public offering so far this year.
The deal should give Adnoc Gas a valuation of at least $50 billion, according to people familiar with the matter. That would make it one of the world’s biggest listed gas firms and roughly on a par with Eni SpA and Occidental Petroleum Corp.