DUBAI: United Arab Emirates energy giant Abu Dhabi National Oil Co (ADNOC) said on Thursday it would raise up to $3 billion by selling a 4% stake in its unit ADNOC Gas.
It is the biggest share sale in the Middle East and North Africa (MENA) region since the $12.3 billion follow-on offering by Saudi Aramco in June, and one of the largest in recent years.
Parent ADNOC will sell about 3.1 billion shares in the offering, which is expected to close on Friday, it said in a statement, adding that ADNOC Gas could hold a series of meetings with institutional investors ahead of the offer’s closing.
Books for the share sale were covered throughout the range of the offering, according to one of the bookrunners.
ADNOC’s gas unit became operational at the start of 2023 as the state-backed oil giant consolidated its gas processing, LNG and industrial gas operations into one company.
It has since listed on the Abu Dhabi stock exchange, raising about $2.5 billion in one of the biggest IPOs in the region in recent years.
Abu Dhabi’s ADNOC Gas appoints Fatema Al Nuaimi as new CEO
Parent ADNOC in November said it saw “significant value creation potential in ADNOC Gas” but had not taken a decision on an “additional share sale, including the timing or sizing of such a sale.”
BofA Securities, Citi, EFG Hermes, First Abu Dhabi Bank, HSBC and International Securities are the joint global coordinators and bookrunners for the offering, ADNOC said in the statement on Thursday.
ADNOC also raised $935 million in May last year by selling a 5.5% stake in its drilling unit to institutional investors.
DUBAI: United Arab Emirates energy giant Abu Dhabi National Oil Co (ADNOC) said on Thursday it would raise up to $3 billion by selling a 4% stake in its unit ADNOC Gas.
It is the biggest share sale in the Middle East and North Africa (MENA) region since the $12.3 billion follow-on offering by Saudi Aramco in June, and one of the largest in recent years.
Parent ADNOC will sell about 3.1 billion shares in the offering, which is expected to close on Friday, it said in a statement, adding that ADNOC Gas could hold a series of meetings with institutional investors ahead of the offer’s closing.
Books for the share sale were covered throughout the range of the offering, according to one of the bookrunners.
ADNOC’s gas unit became operational at the start of 2023 as the state-backed oil giant consolidated its gas processing, LNG and industrial gas operations into one company.
It has since listed on the Abu Dhabi stock exchange, raising about $2.5 billion in one of the biggest IPOs in the region in recent years.
Abu Dhabi’s ADNOC Gas appoints Fatema Al Nuaimi as new CEO
Parent ADNOC in November said it saw “significant value creation potential in ADNOC Gas” but had not taken a decision on an “additional share sale, including the timing or sizing of such a sale.”
BofA Securities, Citi, EFG Hermes, First Abu Dhabi Bank, HSBC and International Securities are the joint global coordinators and bookrunners for the offering, ADNOC said in the statement on Thursday.
ADNOC also raised $935 million in May last year by selling a 5.5% stake in its drilling unit to institutional investors.
American Dollar Exchange Rate