fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Markets

$2.5 Billion IPO boosts Adnoc Gas by 25% in Abu Dhabi 

Rahil Adnan by Rahil Adnan
March 13, 2023
in Markets, Dollar, Economy
Reading Time: 3 mins read
0
$2.5 Billion IPO boosts Adnoc Gas by 25% in Abu Dhabi 

$2.5 Billion IPO boosts Adnoc Gas by 25% in Abu Dhabi 

27
SHARES
152
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

Abu Dhabi’s main energy company has made waves in the financial world, with its subsidiary, Adnoc Gas, completing the largest initial public offering of the year. Adnoc raised an impressive $2.5 billion in funds, marking the start of what is expected to be a flurry of IPOs in the Gulf following the success of last year’s strong showing of $11 billion.  

The investors responded positively to the IPO, with shares of Adnoc rising by 25% up to 2.97 dirhams in early trading. Despite the investors placing almost $125 billion of orders, the stock was priced at 2.37 dirhams which was in the middle of the marketed IPO range.  

The state-owned Adnoc also sold a 5% stake in the company which resulted in record earnings throughout the year, despite the Russian invasion of Ukraine, which disrupted energy markets and led to high natural gas prices. Abu Dhabi state-linked firms, including cornerstone investors, subscribed to $850 million worth of shares before the final pricing announcement. 

The successful IPO by Adnoc Gas highlights the continued appetite for IPOs in the Gulf as the government aims to fund a shift away from fossil fuels and attract more international investors to their markets. The success of the IPO comes right after the Adnoc Drilling Company purchased ten hybrid power land drilling rigs and aims to reduce the greenhouse gas emissions intensity of every rig by 10% to 15%. The Gulf has long been a critical player in the global energy market and with a renewed focus on sustainable energy sources, it is well-positioned to maintain its place as a leader in the industry. 

Speaking on the topic, energy consultant Roudi Baroudi, head of the Qatar-based Energy and Environment Holding firm, said “There is every reason to expect that the massive oversubscription we saw will carry over into strong interest when the shares are floated publicly”. 

This IPO is the largest ever in Abu Dhabi, surpassing the $2 billion deal made by chemicals firm, Bourouge in mid-2022. It follows the sale of stakes in two units by Abu Dhabi National Oil Co. last year – Adnoc Drilling and Fertiglobe, with a potential listing of its shipping unit. The IPO is also a clear indication of its commitment to sustainability, and its ability to adapt to the changing demands of the energy market. 

Talking to Bloomberg, Sameh Al Qubaisi, director general of economic affairs at Abu Dhabi’s Department of Economic Development, said that at least eight companies are expected to follow in fields ranging from technology to asset management and regenerative medicine. 

Overall, Adnoc Gas’s IPO success reflects the Gulf’s confidence in its economic prospects and demonstrates its commitment to transitioning towards more sustainable energy resources. 

About Adnoc Gas 

Adnoc is a leading diversified energy group, owned by the Abu Dhabi Government, founded in 1971. Their network of fully integrated businesses operates across the energy value chain, to meet the demands of an ever-changing energy market. Its subsidiary Adnoc LNG was the first LNG production company in the Gulf and was established in 1973.  

In line with this trend, Adnoc has been expanding its renewable energy portfolio, investing in a range of renewable energy projects, including solar and wind power. The company has been exploring new technologies to reduce emissions and increase efficiency in its operations. 

Source: short URL
Tags: abu dhabiADNOCDubaigulfipomiddle eastuae
Rahil Adnan

Rahil Adnan

Related Posts

Baidu Shares See a Rise After ChatGPT rival bot’s Unveiling
Markets

Baidu Shares See a Rise After ChatGPT rival bot’s Unveiling

by Rahil Adnan
March 17, 2023
Khamenei Pushed For Saudi-Iran Deal Clinched In China
Top Stories

Khamenei Pushed For Saudi-Iran Deal Clinched In China

by Anuj Singh
March 17, 2023
Citigroup reduces Paco Ybarra’s Compensation After Messaging Controversy
Markets

Citigroup reduces Paco Ybarra’s Compensation After Messaging Controversy  

by Rahil Adnan
March 16, 2023
HSBC Acquires Silicon Valley Bank’s UK Unit For £1 Amidst Financial Turmoil 
Mergers & Acquisitions

HSBC Acquires Silicon Valley Bank’s UK Unit For £1 Amidst Financial Turmoil 

by Rahil Adnan
March 14, 2023
Offshore oil rig
Energy

Shell, Chevron, and Petrobras Weigh on Guyana Oil Auction Bids

by Anuj Singh
March 6, 2023
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

March 21, 2023
UEM Edgenta Paves the Way for Non-Clinical Tech Companies To Improve Healthcare Services

UEM Edgenta Paves the Way for Non-Clinical Tech Companies To Improve Healthcare Services

March 21, 2023
Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi

Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi

March 20, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version