Abu Dhabi National Oil Company Gas subsidiary took a significant leap in its operations, as it made a remarkable debut on the United Arab Emirate’s biggest stock market. ADNOC Gas raised $2.5bn in the largest ever initial public offering, IPO in the ADX exchange and the largest for the year 2023 so far.

The IPO which was 5% of ADNOC’s total share capital offering is the strongest-ever demand for an IPO in the UAE. Gross demand across all tranches of the offering amounted to over $124bn, showing that it had an oversubscription level of more than 50 times in aggregate.

According to MENA FN The landmark IPO of ADNOC Gas provides local and international investors with the opportunity to own shares in a world-class, large-scale integrated gas processing company operating across the gas value chain. United Arab Emirates has the 7th largest gas reserves globally, while ADNOC has access to 95% of it.

Speaking on the significant listing the Chairman of the ADX Hisham Khalid Malak, said, “The Abu Dhabi capital market has remained highly active, building on the strong IPO and listing momentum garnered over 2022, despite the muted global outlook. With the UAE and Emirate positioned firmly on the global investment map, ADX continues to attract record levels of interest and demand from institutional and international investors.”

At the opening bell ringing ceremony, Fatema Al Nuaimi, ADNOC Gas Board Director and EVP Downstream Business Management at ADNOC, said, “Today is a truly proud and exciting milestone for everyone at ADNOC, and a historic occasion for ADNOC Gas and the nation. Demand for the ADNOC Gas IPO – the largest IPO globally to date this year – has been unprecedented, drawing record demand from retail investors as well as local and global institutional investors.”

Ahmed Alebri, Acting Chief Executive Officer of ADNOC Gas, added, “This milestone has been made possible by the unwavering dedication and commitment of our people across ADNOC Gas. Their focus on continually delivering for our customers has resulted in stellar financial and operational performance thus far, which investors appreciate.