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The United Arab Emirates’ national oil company wants to raise up to $2 billion from its natural gas business in what is set to be the largest initial public offering so far this year.
Abu Dhabi National Oil Co. is selling a 4% stake in ADNOC Gas, with each off the 3.07 billion shares being offered at between 2.25 and 2.43 dirhams. At the top of the range the company will be valued at $50.8 billion, making it one of the world’s largest listed gas firms and roughly on a par with Eni SpA and Occidental Petroleum Corp.
Several funds, most of them Abu Dhabi state-linked entities, have committed $850 million as cornerstone investors. Among them are Alpha Dhabi and IHC Holding Co.
The IPO will be the biggest-ever in Abu Dhabi at the top end of the range. It’s the latest in a series of stock sales in the Persian Gulf as governments seek to fund a transition away from fossil fuels and bring more international investors into their markets.
That effort, combined with surging oil and gas prices, helped the UAE and Saudi Arabia buck a global IPO slump in 2022.
In all of Europe, the Middle East and Africa so far this year, only $1.67 billion has been raised through IPOs, data compiled by Bloomberg show.
Prior to the IPO, ADNOC transferred 5% of ADNOC Gas to Abu Dhabi-based Taqa, the biggest power producer in the UAE.
