The subscription to the offering of the “ADNOC Gas” company, which is the gas unit recently established by the Emirati “ADNOC”, witnessed a great interest from investors, even after raising the volume of the subscription from 4 to 5 percent of the company’s shares, in response to strong demand..
The volume of the offering amounted to about 2.5 billion dollars, after setting the final share price at 2.37 dirhams (0.645 dollars), and the market value of the company amounted to about 50 billion dollars..
The ADNOC Gas IPO will be the world’s largest IPO so far in 2023, and the largest ever listing on the Abu Dhabi Stock Exchange..
With the subscription exceeding the target value by fifty times, the demand for the public offering of ADNOC has become the largest in the Middle East and North Africa, surpassing the world record set by Saudi Aramco three years ago of $ 29.4 billion..
The initial public offering of “ADNOC Gas” may be the start of another series of public offerings in Abu Dhabi this year.
It is expected that at least 8 companies in the fields of technology, asset management and renewable medicine will follow in the footsteps of ADNOC, according to what Bloomberg quoted Sameh Al Qubaisi, Director General of Economic Affairs at the Department of Economic Development in Abu Dhabi..
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