DUBAI – The state-owned Abu Dhabi gas company expects to raise up to $2 billion by selling 4% of its shares in an IPO, the company said on Thursday.
It said the price range for the previously announced sale of over 3 billion shares was set at 2.25 to 2.34 Emirati dirhams, valuing the company at up to US$50.8 billion. The subscription period begins on Thursday, with the final offer price expected to be announced on March 3rd.
The Abu Dhabi National Oil Company has access to 95% of the UAE’s natural gas reserves, the seventh largest in the world. Its gas division, known as ADNOC Gas, supplies more than 60% of the local market and exports to more than 20 countries.
The gas company reported net income of $4.2 billion for the first 10 months of 2022, up from $3.6 billion for all of 2021.
A similar IPO by Saudi Arabia’s state-owned oil giant Aramco in 2019 raised around $30 billion.
Sultan al-Jaber, the CEO of ADNOC, who also oversees renewable energy projects in the UAE, was selected to chair this year’s COP28-UN climate talks, angering climate activists.
Oil and gas have fueled the rapid transformation of the UAE into a high-tech global business hub, home to the futuristic cities of Dubai and Abu Dhabi as well as the busiest airport in the world for international flights. Analysts believe the Emirates are looking to maximize profits as the world increasingly turns to renewable energy.
The Emirates said it has invested more than $50 billion in renewable energy projects in 70 countries and plans to invest another $50 billion over the next decade. It has also vowed to become carbon neutral by 2050, although it’s unclear how it would achieve that goal.
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https://www.local10.com/business/2023/02/23/abu-dhabi-state-gas-firm-looks-to-raise-2b-in-ipo/ The state-owned gas company Abu Dhabi wants to raise USD 2 billion in the IPO