{"id":84676,"date":"2025-02-24T00:00:00","date_gmt":"2025-02-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/02\/24\/adnoc-completes-sale-of-4-stake-in-adnoc-gas-to-investors\/"},"modified":"2025-02-24T00:00:00","modified_gmt":"2025-02-24T00:00:00","slug":"adnoc-completes-sale-of-4-stake-in-adnoc-gas-to-investors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/02\/24\/adnoc-completes-sale-of-4-stake-in-adnoc-gas-to-investors\/","title":{"rendered":"Adnoc completes sale of 4% stake in Adnoc Gas to investors"},"content":{"rendered":"

Abu <\/strong>Dhabi <\/strong>National Oil (Adnoc) <\/strong>raised USD 2.8 bn with the <\/strong>completion of an additi<\/strong>onal 4% stake sale in subsidiary Adnoc Gas to institutional investors<\/strong>, according to a statement<\/a> published on Friday. The follow-on offering \u2014 priced at AED 3.40 per share \u2014 was 4.4x oversubscribed after seeing books covered throughout the range of the offering, Reuters<\/a> reported on Thursday, citing one of the book-runners. The pricing was 43% higher than the gas unit\u2019s IPO share price of AED 2.37.<\/p>\n

Adnoc will retain an 86% majority stake in Adnoc Gas<\/strong>, with an agreement not to sell further shares for a period of six months from the closing of the sale, according to the statement. <\/p>\n

The offering increases Adnoc Gas\u2019 freefloat and paves the way for its inclusion in the <\/strong>MSCI Emerging Market Index and FTSE Emerging Market Index<\/strong>, possibly at the next quarterly review subject to Adnoc Gas meeting all the relevant inclusion criteria, the statement read. This will also \u201cenhance trading and liquidity in Adnoc Gas\u2019 ordinary shares and diversify its shareholder base. <\/p>\n

This is the largest equity offering in the Mena region<\/strong> since Saudi Aramco\u2019s USD 12.3 bn<\/a> follow-on sale last June. <\/p>\n

It is also the second follow-on sale for an Adnoc unit in as many years: <\/strong>The move also follows a USD 935 mn stake sale<\/a> in Adnoc Drilling in May 2024, which led to the drilling unit\u2019s inclusion<\/a> in the MSCI Emerging Markets Index. <\/p>\n

Adnoc Gas is on a growth run: <\/strong>The gas giant saw its bottom line grow 13% y-o-y in 2024 to USD 5 bn in 2024<\/a> driven by a 2% increase in sales volumes supported by higher contributions from Adnoc LNG and high demand for domestic gas. The firm\u2019s top line was up 7% y-o-y to USD 24.43 bn over the same period. The UAE\u2019s leading liquefied natural gas (LNG) supplier also manages the bulk of the country\u2019s domestic gas distribution and operates an offshore export terminal, and is set to more than double its global LNG export capacity with its upcoming Ruwais facility, set for commissioning in 2028.<\/p>\n

Refresher:<\/strong> Adnoc Gas raked in USD 2.5 bn in one of the region\u2019s biggest IPOs in recent years in 2023. <\/p>\n

ADVISORS- <\/strong>The state-owned energy giant enlisted BofA Securities, Citi, EFG Hermes, First Abu Dhabi Bank, HSBC, and International Securities as coordinators and bookrunners to manage the sale.<\/p>\n","protected":false},"excerpt":{"rendered":"

The share sale was 4.4x oversubscribed<\/p>\n","protected":false},"author":1,"featured_media":84677,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[229],"tags":[183,228,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-adnoc","tag-ipo-watch","tag-uae","wpautop","entry"],"acf":{"mongo_id":"c46ac90e-a81d-44e4-b130-9e6784594811","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/559.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc completes sale of 4% stake in Adnoc Gas to investors","related_issue":[84671],"teaser":"The share sale was 4.4x oversubscribed","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.9a947317-d09a-423c-af06-ec5a3a4f191e.mp3"},"yoast_head":"\nAdnoc completes sale of 4% stake in Adnoc Gas to investors - 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