Adnoc Gas Draws $124 Billion of Orders for $2.5 Billion IPO
- Abu Dhabi’s Adnoc priced the shares at 2.37 dirhams apiece
- Gulf has seen a wave of IPOs on back of high oil, gas prices
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Abu Dhabi’s main energy company raised $2.5 billion from the initial public offering of its gas business, pulling off the year’s biggest listing and continuing a trend that saw the Middle East emerge as a bright spot for share sales in 2022.
Investors placed $124 billion of orders for a 5% stake in Adnoc Gas, an oversubscription level of more than 50 times.