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ADNOC Natural Gas IPO Marks Big Quarter For The UAE

The multibillion-dollar initial public offering of the gas business of Emirati ADNOC sent the UAE to the top spot among Gulf states in terms of IPO proceeds for the first quarter of the year.

The $2.5-billion listing brought the UAE’s total IPO proceeds for the period to $3.2 billion, The National reported, which represented a twofold increase on the first quarter of 2022.

The offering was 50 times oversubscribed, with investors placing orders for $124 billion in total, Bloomberg reported in March. The issue was fully subscribed just hours after the offering was first announced.

The listing gave the company a market capitalization of some $50 billion, close to the upper end of the price range set by the parent company ahead of the listing.

Set up as a separate unit only at the beginning of this year, ADNOC Gas has a production capacity of some 10 billion cubic feet daily and operates a pipeline network of over 2,000 miles. The new company said it expects to pay its new shareholders a total of $3.25 billion this year.

The six-member Gulf Co-operation Council as a whole raised $3.5 billion in proceeds from initial public offerings during the first quarter, with a total of 12 deals, The National noted.

This was a decline on an annual basis, with the first quarter of 2022 seeing proceeds of $4.6 billion across 13 deals. Last year as a whole, the Gulf saw proceeds of over $23 billion from 48 listings as investor demand returned strongly amid higher oil prices and more comfortable liquidity levels in the region.

The UAE expects a total of 11 listings this year and Saudi Arabia has granted final approval for 23 initial public offerings so far this year, according to the Kuwait Financial Centre, which released the listing proceeds data for the first quarter.

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By Irina Slav for Oilprice.com

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