ADNOC announces price range for ADNOC Gas IPO
State-owned ADNOC has set a price range for the initial public offering (IPO) of its gas unit, ADNOC Gas, between 2.25 dirhams ($0.6126) and 2.43 dirhams/share, valuing the company between $47bn and $50.8bn, it said on February 23 in a statement.
Abu Dhabi Pension Fund, Alpha Wave Ventures II, IHC Capital Holding, OneIM Fund I, and entities ultimately controlled by ADQ and the Emirates Investment Authority have, directly or indirectly, committed to becoming cornerstone investors in the IPO with a combined commitment of about $850mn, ADNOC said.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
ADNOC will sell about 3bn shares or 4% of ADNOC Gas during the IPO. The final offer price is expected to be announced on March 3 while the trading of shares is expected to start on March 13.
ADNOC had in January announced the formation of ADNOC Gas. The new entity will undertake processing, operations and marketing of natural gas. It combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG businesses into one consolidated business.