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    Home » UAE’s ADNOC completes $2.84 billion offering of shares in its gas unit

    UAE’s ADNOC completes $2.84 billion offering of shares in its gas unit

    February 22, 2025
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    *ADNOC

    Dubai — United Arab Emirates energy giant Abu Dhabi National Oil Co (ADNOC) said early on Friday it completed a $2.84 billion marketed offering in its ADNOC Gas unit.The offering was priced at 3.40 dirhams per share, ADNOC added in a statement.

    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 completed the marketed offering of 3.1 billion shares to institutional investors, representing 4% of ADNOC Gas’ total share capital.
    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.
    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.
    Reporting by Andrew Mills, Abinaya Vijayaraghavan and Federico Maccioni Editing by Tomasz Janowski, Kirsten Donovan and Lincoln Feast – Reuters

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