Abu Dhabi state energy firm Adnoc has completed a secondary share offering of Adnoc Gas, the firms announced on 21 February. Having raised $2.5bn through listing 5% in a March 2023 IPO, Adnoc has now placed another 3.1bn shares representing 4% of the firm’s share capital. With shares priced at AED3.58 ($0.97) per share, up 50% from the IPO price of AED2.37 ($0.65), the offering raised $2.84bn. Adnoc now holds 86% of Adnoc Gas, with 9% listed on the ADX and 5% held by state firm Taqa.
The offering was open only to professional investors, and Adnoc says it “saw exceptional demand from institutional investors in the GCC and internationally.” (CONTINUED - 148 WORDS)