ADNOC, the Abu Dhabi state-owned energy company has announced its intention to float a stake in ADNOC Gas, a large-scale integrated gas processing company, on the Abu Dhabi Securities Exchange (ADX) through an Initial Public Offering (IPO). ADNOC intends to offer approximately 4% of the total issued share capital of the Company.
The 4% expected to be sold in the IPO represents almost 3 billion shares, the company aims to commence the offering and announce its price range on February 23.
ADNOC Gas aims to support the energy company in fulfilling its 25% reduction target in greenhouse gas (GHG) emissions intensity by 2030 and drive towards ADNOC’s ambition of net zero operations emissions by 2050.
The lead receiving bank is First Abu Dhabi Bank and the other receiving banks are Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Al Maryah Community Bank.
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