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Adnoc Gas Jumps 25% in Abu Dhabi After $2.5 Billion IPO

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Adnoc Gas, a subsidiary of Abu Dhabi’s main energy company, surged in its trading debut after raising $2.5 billion in the world’s biggest initial public offering so far this year.

The shares rose as much as 25% to 2.97 dirhams, before paring some gains to end the day at 2.81 dirhams. Based on Monday’s close, Adnoc Gas is valued at 215.7 billion dirhams ($58.7 billion), roughly in line with Occidental Petroleum Corp.