UAE gas company ADNOC Gas debuts on the Abu Dhabi Stock Exchange on Monday, making the biggest stock market deal to date in the Gulf emirate amid renewed activity in the global gas market . The IPO price, set at 2.37 dirhams (0.61 euro), will enable this subsidiary of the Emirati oil giant Abu Dhabi National Oil Company (ADNOC), to raise more than 2.3 billion euros, the valued at around 47.1 billion euros.
The entity was formed at the start of the year to bring together the operations, maintenance and marketing of gas and liquefied natural gas (LNG) from the rich emirate. The initial public offering was oversubscribed 50 times, generating more than $116 billion in demand from investors.
The IPO of its subsidiary, the largest to date in Abu Dhabi, comes amid renewed activity in the gas market, a year after Russia invaded Ukraine on February 24 2022. The conflict has caused Russian gas supplies to plummet, pushing Europeans to seek alternatives.