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ADNOC Gas offer price set at 2.37 dirhams per share
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ADNOC raises around $2.5 billion from IPO
(Adds cornerstone investors in paragraph 6)
ABU DHABI, March 3 (Reuters) - State oil giant Abu Dhabi
National Oil Co (ADNOC) on Friday set the final price for its
initial public offering, valuing the company at about $50
billion after drawing record demand. It will become Abu Dhabi's
largest listed company.
ADNOC Gas' share price was set at 2.37 dirhams per share,
near the top end of the price range of 2.25-2.43 dirhams a
share, ADNOC said in a statement.
Proceeds from the IPO came to roughly $2.5 billion out of an
order book that topped $124 billion, ADNOC said. That exceeded
demand for Saudi oil giant Aramco's 2019 IPO, which raised $25.6
billion and remains the world's largest.
The Middle East bucked global trends last year to raise some
$21.9 billion through IPOs, according to Dealogic. That was more
than half the total for the wider Europe, Middle East and Africa
region.
ADNOC last week said it would increase the stake offered to
investors to 5% from 4% due to strong demand for the deal, Abu
Dhabi's largest IPO.
Abu Dhabi Pension Fund, Alpha Wave Ventures II, LP, IHC
Capital Holding LLC, OneIM Fund I LP, and entities ultimately
controlled by sovereign wealth funds ADQ and the Emirates
Investment Authority were cornerstones investors in the IPO,
ADNOC said.
ADNOC Gas is expected to begin trading on March 13.
ADNOC Group Chief Financial Officer Khaled Al Zaabi said the
strong interest in the IPO highlighted the "attractiveness of
ADNOC's world-class and low-carbon intensity energy asset base"
and Abu Dhabi as a destination for global capital.
The group has raised billions of dollars from listing
businesses like ADNOC Drilling and Fertiglobe, as well as from
selling stakes in its network of gas and oil pipelines. It also
plans to float its logistics and services unit.
($1 = 3.6727 UAE dirham)
(Reporting by Yousef Saba in Dubai and Rachna Uppal in Abu
Dhabi; Editing by Edmund Klamann, Sonali Paul and Louise
Heavens)
