{"id":581829,"date":"2023-02-26T00:00:00","date_gmt":"2023-02-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/adnoc-gas-ipo-sees-huge-demand\/"},"modified":"2023-02-26T00:00:00","modified_gmt":"2023-02-26T00:00:00","slug":"adnoc-gas-ipo-sees-huge-demand","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/adnoc-gas-ipo-sees-huge-demand\/","title":{"rendered":"Adnoc Gas IPO sees huge demand"},"content":{"rendered":"

<\/p>\n

<\/a><\/p>\n

<\/span>Adnoc Gas\u2019 USD 2 bn IPO covered within hours: <\/span>The natural gas arm of the UAE\u2019s <\/span>Adnoc<\/span> covered the orderbook for <\/span>its IPO<\/a><\/span> within hours of opening on Thursday, <\/span>Bloomberg<\/a><\/span> reports citing a message seen by investors. Some USD 850 mn was committed by cornerstone investors including Abu Dhabi state-linked organizations, Alpha Dhabi Holding and International Holding Company. Adnoc Gas will announce a final price on 3 March after the close of bookbuilding. Trading is expected to start on 13 March.<\/span><\/p>\n

REFRESHER- <\/span>Adnoc Gas is selling a 4% stake in the company, offering 3.1 bn shares at AED <\/span>2.25-2.43 each. The IPO <\/span>values the company as high as USD 50.8 bn, making it the biggest global listing so far this year and one of the world\u2019s largest listed gas companies.<\/span><\/p>\n

US inflation data sends stocks tumbling: <\/span>The Federal Reserve\u2019s preferred measure <\/span>of inflation unexpectedly rose in January, raising market expectations that the central bank could continue raising interest rates for longer. Shares on Wall Street ended lower on Friday after the <\/span>PCE price index<\/a><\/span> rose to 5.4% y-o-y in January from 5.3% in December, signaling that inflationary pressures remain entrenched in the US economy. The tech-heavy Nasdaq fell 1.7% while the S&P 500 and the Dow both lost more than 1%, capping the worst week of the year for US stocks. (<\/span>AP<\/a><\/span> | <\/span>Reuters<\/a><\/span> | <\/span>Bloomberg<\/a><\/span>)<\/span><\/p>\n

<\/a><\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/span><\/p>\n<\/td>\n

\n

17,004<\/span><\/p>\n<\/td>\n

\n

+1.4% (YTD: +16.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/span><\/p>\n<\/td>\n

\n

Buy 30.57<\/span><\/p>\n<\/td>\n

\n

Sell 30.66<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/span><\/p>\n<\/td>\n

\n

Buy 30.58<\/span><\/p>\n<\/td>\n

\n

Sell 30.68<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/span><\/p>\n<\/td>\n

\n

16.25% deposit<\/span><\/p>\n<\/td>\n

\n

17.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/span><\/p>\n<\/td>\n

\n

10,153<\/span><\/p>\n<\/td>\n

\n

-1.1% (YTD: -3.1%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/span><\/p>\n<\/td>\n

\n

9,859<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: -3.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/span><\/p>\n<\/td>\n

\n

3,419<\/span><\/p>\n<\/td>\n

\n

+0.2% (YTD: +2.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/span><\/p>\n<\/td>\n

\n

3,970<\/span><\/p>\n<\/td>\n

\n

-1.1% (YTD: +3.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/span><\/p>\n<\/td>\n

\n

7,879<\/span><\/p>\n<\/td>\n

\n

-0.4% (YTD: +5.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/span><\/p>\n<\/td>\n

\n

4,179<\/span><\/p>\n<\/td>\n

\n

-1.9% (YTD: +10.2%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/span><\/p>\n<\/td>\n

\n

USD 83.16<\/span><\/p>\n<\/td>\n

\n

+1.2%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/span>(Nymex)<\/span><\/p>\n<\/td>\n

\n

USD 2.55<\/span><\/p>\n<\/td>\n

\n

+4.8%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/span><\/p>\n<\/td>\n

\n

USD 1,817.10 <\/span><\/p>\n<\/td>\n

\n

-0.5%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/span><\/p>\n<\/td>\n

\n

USD 22,899<\/span><\/p>\n<\/td>\n

\n

-0.9% (YTD: +38.5%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/span><\/p>\n

The EGX30 rose 1.4% at Thursday\u2019s close<\/span> on turnover of EGP 1.43 bn (27.8% below the <\/span>90-day average). Regional investors were net buyers. The index is up 16.5% YTD.<\/span><\/p>\n

In the green: <\/span>Egypt Kuwait Holding - EGP (+5.0%), Ezz Steel (+4.2%) and Sidi Kerir Petrochemicals (+4.0%).<\/span><\/p>\n

In the red: <\/span>EFG Hermes (-1.3%), ADIB - Egypt (-1.1%) and Fawry (-1.1%).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Adnoc Gas\u2019 USD 2 bn IPO covered within hours: The natural gas arm of the UAE\u2019s Adnoc covered the orderbook for its IPO within hours of opening on Thursday, Bloomberg reports citing a message seen by investors. Some USD 850 mn was committed by cornerstone investors including Abu Dhabi state-linked organizations, Alpha Dhabi Holding and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1703,6710,102,72,8780,119,78,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581829","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-adnoc","tag-adnoc-gas","tag-capital-markets","tag-enterpriseam","tag-federal-reserve","tag-financial-markets","tag-ipo-watch","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"57034f5a-9f47-4415-ae3e-5059440dd299","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[581807],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.40b92a52-107b-47b0-96ee-4daf713fd549.mp3"},"yoast_head":"\nAdnoc Gas IPO sees huge demand - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/adnoc-gas-ipo-sees-huge-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Adnoc Gas IPO sees huge demand\" \/>\n<meta property=\"og:description\" content=\"Adnoc Gas\u2019 USD 2 bn IPO covered within hours: The natural gas arm of the UAE\u2019s Adnoc covered the orderbook for its IPO within hours of opening on Thursday, Bloomberg reports citing a message seen by investors. Some USD 850 mn was committed by cornerstone investors including Abu Dhabi state-linked organizations, Alpha Dhabi Holding and […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/adnoc-gas-ipo-sees-huge-demand\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-26T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ent.news\/2023\/2\/EFGONE-WEB-English.jpg\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/adnoc-gas-ipo-sees-huge-demand\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/adnoc-gas-ipo-sees-huge-demand\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Adnoc Gas IPO sees huge demand\",\"datePublished\":\"2023-02-26T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/adnoc-gas-ipo-sees-huge-demand\/\"},\"wordCount\":328,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/adnoc-gas-ipo-sees-huge-demand\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ent.news\/2023\/2\/EFGONE-WEB-English.jpg\",\"keywords\":[\"ADNOC\",\"Adnoc Gas\",\"capital markets\",\"EnterpriseAM\",\"Federal Reserve\",\"Financial Markets\",\"IPO watch\",\"Planet Finance\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/adnoc-gas-ipo-sees-huge-demand\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/adnoc-gas-ipo-sees-huge-demand\/\",\"name\":\"Adnoc Gas IPO sees huge demand - 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The Emirati energy company originally planned to sell 4% of its shares but is now on course to raise\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/Adnoc-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584859,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/another-big-ipo-in-the-pipeline-for-uaes-adnoc\/","url_meta":{"origin":581829,"position":1},"title":"Another big IPO in the pipeline for UAE\u2019s Adnoc","author":"enterpriseam admin","date":"6 April 2023","format":false,"excerpt":"The company could go to market as soon as May","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/287.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587174,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/23\/adnoc-ups-offering-of-logistics-arm-amid-huge-investor-demand\/","url_meta":{"origin":581829,"position":2},"title":"Adnoc ups offering of logistics arm amid huge investor demand","author":"enterpriseam admin","date":"23 May 2023","format":false,"excerpt":"The company could raise as much as USD 769 mn from the IPO","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578077,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/14\/adnoc-appoints-banks-to-take-lead-on-ipo-of-gas-business-says-bloomberg\/","url_meta":{"origin":581829,"position":3},"title":"Adnoc appoints banks to take lead on IPO of gas business, says Bloomberg","author":"enterpriseam admin","date":"14 December 2022","format":false,"excerpt":"Adnoc is moving ahead with its big IPO plans for gas unit: The Abu Dhabi National Oil Company (Adnoc) has tapped several banks to lead a planned IPO for its gas unit next year, Bloomberg reported, citing people in the know. 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