UAE’s ADNOC sets final price for gas business IPO

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ABU DHABI, March 3 (Reuters) – Abu Dhabi National Oil Co (ADNOC) released the final pricing for its gas business IPO on Friday, setting the price at 2.37 dirhams per share, towards the higher end of a range earlier indicated.

The state oil giant announced on Feb. 27 it would increase the stake offered to investors in the initial public offering (IPO) of ADNOC Gas to 5% from 4% due to strong demand for the deal.

Proceeds raised from the IPO amounted to $2.5 billion, a company statement said, implying a market capitalisation of about $50 billion.

ADNOC Gas is expected to list and begin trading on March 13.

Reporting by Rachna Uppal; Editing by Edmund Klamann

Our Standards: The Thomson Reuters Trust Principles.

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