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Adnoc Gas $2 Billion IPO Covered in Hours as Buyers Pile In

  • Abu Dhabi listing may value the company at $50.8 billion
  • Gulf nations see IPOs as way to fund transition away from oil
Updated on

Investors snapped up all available shares within hours of the start of Adnoc Gas’s $2 billion initial public offering, showing that demand for Middle Eastern stock sales remains strong.

Abu Dhabi National Oil Co. is selling a 4% stake in Adnoc Gas, with each of the 3.07 billion shares being offered at between 2.25 and 2.43 dirhams (66 cents). The company will be valued at $50.8 billion at the high end, making it one of the world’s largest listed gas firms and roughly on a par with Eni SpA and Occidental Petroleum Corp.