Abu Dhabi National Oil Co. (ADNOC) has completed a $2.84 billion marketed share offering in ADNOC Gas, pricing shares at Dh3.40 each.
The offering, the largest share sale in the Middle East and North Africa (MENA) region since Saudi Aramco’s $12.3 billion follow-on offering in June, involved the sale of 3.1 billion shares to institutional investors, representing 4% of ADNOC Gas’ total share capital.
Books for the share sale were covered across the offering range, according to one of the bookrunners.
ADNOC Gas, which consolidated ADNOC’s gas processing, LNG, and industrial gas operations, became operational in early 2023. It was later listed on the Abu Dhabi Stock Exchange, raising $2.5 billion in one of the region’s biggest IPOs.
In November 2024, ADNOC stated it saw “significant value creation potential” in ADNOC Gas but had not decided on further share sales.
In a separate transaction last year, ADNOC raised $935 million in May by selling a 5.5% stake in its drilling unit to institutional investors.
