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-9.1 billion dirhams (equivalent to about $2.5 billion) of the total proceeds collected by the subscription.
The market value of “ADNOC Gas” is approximately 182 billion dirhams at the time of acceptance of the listing based on the final offer price of 2.37 dirhams per share, making it the largest listing ever on the Abu Dhabi Stock Exchange and the largest initial public offering in the world so far this year.
The historic offering attracted the largest ever demand for an IPO in the United Arab Emirates, with the total demand reaching more than 450 billion dirhams and exceeding the target value by nearly 50 times.
ADNOC Gas expects to target a dividend payment of $1.625 billion in the fourth quarter of 2023 for the first half of the year ending December 31, 2023, and plans to pay another dividend of $1.625 billion in the second quarter of 2024 for the half. the second of the year ending December 31, 2023.
ABU DHABI, March 13 / ADNOC Gas plc, a world-class integrated gas processing company, today announced the listing and commencement of trading of its shares on the Abu Dhabi Securities Exchange, following the successful completion of the largest initial public offering ever on the Abu Dhabi Stock Exchange and the largest public offering. World first so far this year.
The IPO, which raised total proceeds of approximately AED 9.1 billion (equivalent to approximately US$ 2.5 billion), was witnessed by the offering of the Abu Dhabi National Oil Company PJSC. (“ADNOC”) for a minority stake representing approximately 5% of the total issued share capital of the Company (the “Offering”), the strongest ever demand for an IPO in the UAE, with total demand across all tranches of over AED 450 billion ( equivalent to more than $124 billion), exceeding the target value by about 50 times.
The IPO attracted unprecedented international demand from international institutional investors (outside the UAE), which generated orders worth about 92 billion dirhams (equivalent to about $25 billion) – about 10 times the total offering size.
The IPO of ADNOC Gas provided local and international investors with the opportunity to own shares in a world-class, large-scale gas processing company that operates along the gas value chain.
ADNOC Gas manages 95% of the UAE’s total natural gas reserves, which is the seventh largest natural gas reserve in the world, and provides about 60% of the UAE’s sales gas needs. It also has a wide range of customers in more than 20 countries.
The Company reported adjusted revenue (as defined in the International Offering Prospectus) of $21.1 billion and net income of $4.2 billion (in each case for the 10 months ending October 31, 2022), and is well positioned to take advantage of the growing global demand for natural gas to support its strategy. For growth and future dividend commitments.
The company aims to pay a dividend of $1.625 billion in the fourth quarter of 2023 for the first half of the year ending December 31, 2023, and plans to pay another $1.625 billion in the second quarter of 2024 for the second half of the year ending December 31, 2023.
Thereafter, the Company expects to increase its annual dividend target of $3,250 million (equivalent to the annual dividend payment for the year ended December 31, 2023) at a rate of growth of 5% annually on an earnings per share basis, during the period 2024-2027.
On this occasion, His Excellency Hisham Khalid Malak, Chairman of the Board of Directors of the Abu Dhabi Securities Exchange, said: “The Abu Dhabi Securities Exchange maintained its strong activity as an extension of the exceptional growth momentum it recorded during the year 2022 of distinguished listings and subscriptions. With the establishment of the United Arab Emirates and Abu Dhabi their position on the Global investment map, the market continues to attract record levels of turnout and demand from both institutional and international investors segments.The success achieved by the initial public offering of ADNOC Gas is tangible evidence of the company’s strong growth prospects and the outstanding value it provides, and also reflects the firm confidence in the solid market foundations in the emirate and its position The Abu Dhabi Securities Exchange will continue to register more momentum during the coming period through a strong expected group of listings that will expand and enhance the market’s important role in supporting the growth of the national economy and increase the country’s attractiveness as a preferred destination for capital from institutional investors, and stimulate more of foreign investment inflows.
For her part, at the opening ceremony, Fatima Al-Nuaimi, member of the Board of Directors of “ADNOC Gas”, Executive Vice President of the Department of Gas Processing, Refining and Petrochemicals Business in “ADNOC” said: “This step is an important event that all the cadres of ‘ADNOC’ are proud of, and a historic occasion for ADNOC The demand for the initial public offering of ADNOC Gas, which is the largest in the world this year so far, was unprecedented, as it witnessed a record turnout from individual investors as well as from local and international investment institutions. The UAE and abroad highlight ADNOC Gas’ performance record, which is clear and reflects confidence in the company’s position and ability to take advantage of sustainable future growth opportunities.
In turn, Ahmed Al-Abri, Acting CEO of ADNOC Gas, said: “This achievement came thanks to the dedication, commitment and sincerity of all ADNOC Gas employees, as their focus on continuing to provide excellent services to our customers has contributed to achieving excellent financial and operational performance so far, which has been reflected This is clearly on the demand of investors, and in conjunction with the start of his career
