Oil & Gas Oversubscribed Adnoc Gas listing raises almost $3bn By Eva Levesque February 21, 2025, 5:17 PM Pexels/Kampus Production Investor interest in the Adnoc Gas listing meant it was more than four times oversubscribed Adnoc Gas 4 times oversubscribed Raised $2.8bn Adnoc retains 86% Abu Dhabi state oil company Adnoc has completed a secondary offering of its gas business unit, raising $2.84 billion, in the largest-ever placement of shares on the Abu Dhabi stock exchange ADX. The company said in a statement on Friday the sale of approximately 3.1 billion Adnoc Gas shares was 4.4 times oversubscribed. Adnoc announced on Thursday it would offer approximately 4 percent of the company’s outstanding share capital in Adnoc Gas, in a marketed offering. The sale increased the free float in Adnoc Gas to 14 percent, so that Adnoc now retains an 86 percent stake in its gas unit. Adnoc said the offering received significant demand from institutional investors in the GCC and internationally. The offer was priced at AED3.4 per share, a 5 percent discount on the company’s closing share price of AED3.58 on Thursday. Adnoc Drilling plans further acquisitions in US and Europe Adnoc to sign LNG deal with India’s BPCL Adnoc Drilling proposes higher dividend after profit growth On Friday, Adnoc Gas shares were trading at AED3.57, up 27 percent since a first IPO in March 2023 and more than 14 percent in the last year. Earlier this month, Adnoc Gas reported 13 percent growth in its adjusted net income to $5 billion for 2024, the highest since its public listing. The company also said it is on track with its growth strategy, including the planned acquisition of Ruwais LNG and a target to achieve a 40 percent increase in adjusted EBITDA by 2029.
