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
This article is for subscribers only.
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.