Feb 21, 2025 (MarketLine via COMTEX) --
The offering involved around 3.1 billion ordinary shares, representing 4% of ADNOC Gas' issued share capital.
Abu Dhabi National Oil Company (ADNOC) has completed its marketed offering of ADNOC Gas shares, raising gross proceeds of around $2.84bn (Dh10.43bn).
The offering involved 3.1 billion ordinary shares, representing 4% of ADNOC Gas' issued share capital, and increased the company's free float by 80%.
The increased free float could lead to ADNOC Gas' inclusion in the MSCI and FTSE Emerging Market Indices.
The offering saw significant demand from institutional investors across the Gulf Cooperation Council and internationally, being 4.4-times oversubscribed.
Priced at Dh3.40 per share, it was approximately 43% above the initial public offering price of Dh2.37, and at a 5% discount to the closing share price on 20 February 2025.
ADNOC Gas has demonstrated consistent growth, reporting adjusted net income of $5bn for the full year 2024, with $1.38bn in net income for the fourth quarter.
This aligns with the company's strategy to achieve more than 40% growth in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) by 2029.
ADNOC group chief financial officer Khaled Al Zaabi said: aEURoeADNOC is proud to have completed the first-ever marketed offering in the UAE [United Arab Emirates] and the largest placement on the ADX [Abu Dhabi Securities Exchange] to date. The exceptional demand and competitive discount provided by the international and domestic investor community reflects the strong confidence in ADNOC GasaEUR(TM) track record and growth prospects.
aEURoeAs a dedicated, long-term majority shareholder, ADNOC will continue to support ADNOC Gas, which is integral to Abu Dhabi and ADNOCaEUR(TM)s decarbonisation and growth ambitions."
ADNOC Group will retain an 86% shareholding in ADNOC Gas and has agreed to a six-month restriction on selling further shares, subject to certain exceptions.
BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Bank, HSBC and International Securities served as joint global coordinators and joint bookrunners for the offering.
With access to capacity of around ten billion standard cubic feet of gas per day, ADNOC Gas serves a range of domestic and international customers with an expanding portfolio of products.
The company supplies around 60% of the UAEaEUR(TM)s gas needs and exports natural gas and associated products to customers in more than 20 countries.
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COMTEX_462991556/2227/2025-02-21T08:02:24
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