ADNOC Gas today announced the offer price range and the opening of the subscription period for its IPO on the Abu Dhabi Securities Exchange (ADX).
The price range for the Offering has been set between AED2.25 to AED2.43 per share, implying an equity value of $47.0 billion to $50.8 billion (AED172.7 billion to AED186.5 billion), WAM reported.
Abu Dhabi National Oil Company (ADNOC or the Selling Shareholder) expects to sell 3,070,056,880 ordinary shares, representing approximately 4 percent of the Company’s issued share capital, with the Selling Shareholder reserving the right to amend the size of the Offering at any time before the end of the subscription period, subject to the applicable laws of the UAE and the approval of the Securities and Commodities Authority.
Assuming all the shares offered are sold, the size of the Offering will be approximately $1.9 billion to $2.0 billion (AED6.9 billion to AED7.5 billion).
The final offer price is expected to be announced on March 3.
The Offering is available to the following subscribers in the UAE Retail Offering to individuals and other investors in the UAE; employees of ADNOC group companies residing in the UAE; and UAE national retirees of ADNOC group companies residing in the UAE.
It is also available to qualified institutional and other investors in a number of countries, including the UAE (the Qualified Investor Offering).
The subscription period for the Offering opens today, February 23, and will continue until March 1for the UAE Retail Offering.
The book-building period for the Offering starts February 23rd and will continue until March 2, for the Qualified Investor Offering.
The completion of the Offering and Admission is currently expected to take place on Monday, 13th March, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval for the Admission.
Allotment notifications for the UAE Retail Offering will be sent on March 8 with a refund of surplus investments, and dispatch of allotment letters will also commence from March 8.
Source: Bahrain News Agency