Sharjah 24 – WAM: ADNOC Gas Friday announced the final offer price for the shares offered by Abu Dhabi National Oil Company (ADNOC or the Selling Shareholder) in connection with ADNOC Gas’s initial public offering (IPO or Offering) and listing on the ADX, following the successful conclusion of the bookbuild and public subscription process.

The final offer price for the shares in ADNOC Gas offered by ADNOC via the Offering has been set at AED2.37 per share, implying a market capitalisation (at the time of Admission) of ADNOC Gas of approximately $50 billion (equivalent to approximately AED182 billion).

The price range for the IPO was previously set between AED2.25 to AED2.43 per share, meaning that the Offering was priced towards the top end of the previously announced price range of the Offering, following significant demand from both local and international investors.

Based on the final offer price, the total offering size is approximately $2.5 billion (equivalent to approximately AED9.1 billion). This confirms that post-Admission, the IPO will be the largest-ever listing on the ADX, surpassing that of another ADNOC group company, Borouge plc, which successfully listed on the ADX on 3rd June, 2022.

The bookbuilding process generated orders of over $124 billion (equivalent to over AED450 billion) in aggregate from (i) qualified institutional investors in a number of countries, including the UAE (the Qualified Investor Offering); and (ii) UAE retail investors, including employees of ADNOC group companies residing in the UAE and UAE national retirees of ADNOC group companies residing in the UAE (together, the “UAE Retail Offering”), implying an over-subscription level above 50 times in aggregate.

Commenting on the historic bookbuild for a MENA IPO, Khaled Al Zaabi, Group CFO of ADNOC, commented, “ADNOC is delighted with the unprecedented demand for ADNOC Gas shares from the UAE retail investors as well as the local and global institutional investor community – and we are extremely proud that this IPO witnessed record demand for a UAE and MENA region IPO, with ADNOC Gas being the largest-ever market debut in Abu Dhabi and the largest IPO globally to date this year.

The Company confirms that the previously announced increased Offering size of 3,837,571,100 ordinary shares, equivalent to approximately 5% of the Company’s total issued share capital, has been fully allocated, resulting in gross proceeds of approximately $2.5 billion, the net proceeds of which will be received by ADNOC, upon settlement.

Admission is expected to take place at 10:00 am (Gulf Standard Time) on 13th March 2023, subject to customary closing conditions, under the ticker symbol “ADNOCGAS” and ISIN “AEE01195A234”.

First Abu Dhabi Bank PJSC acted as the Lead Receiving Bank. Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC and Al Maryah Community Bank acted as the Receiving Banks.

The Shariah Supervision Committee of First Abu Dhabi Bank PJSC has issued a pronouncement confirming that, in its view, the Offering is compliant with Shariah principles.