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Abu Dhabi, March 12 / The market capitalization of the local stock markets is close to 3.5 trillion dirhams, with the listing of “ADNOC Gas” shares tomorrow on the Abu Dhabi Stock Exchange, in line with the market’s plans to double its market value to 6 trillion dirhams in the coming years.
According to the monitoring of the Emirates News Agency, WAM, the market capital of local stocks reached 3.291 trillion dirhams at the end of last Friday’s session, to reach 3.473 trillion dirhams at the beginning of tomorrow’s trading, with the listing of “ADNOC Gas” at its market value (at the time of acceptance). Listing) about 182 billion dirhams (50 billion dollars).
The market value of the Abu Dhabi Stock Exchange will rise with the listing of “ADNOC Gas” from 2.702 billion dirhams at the end of last Friday’s session to 2.884 billion dirhams, approaching the three trillion dirhams barrier for the first time in its history, as the markets attract more initial offerings in a move aimed at strengthening Its position at the regional and global level, and double its market value.
ADNOC Gas shares will be listed on the Abu Dhabi Stock Exchange tomorrow, after the successful completion of the price building and public offering process, as the final offering price for shares was set at 2.37 dirhams per share.
The price range for the IPO had previously been set between 2.25 and 2.43 dirhams per share, which means that the offering was priced within the highest levels of the previously announced offering price range in relation to the offering, after the great turnout and demand from local and international investors, and based on the price of The final offering, the total offering size is approximately $2.5 billion (9.1 billion dirhams).
The ADNOC Gas IPO will be the largest public offering in the world so far in 2023, and the largest ever listing on the Abu Dhabi Stock Exchange, surpassing the IPO of another ADNOC group company, Borouge plc, which was Successfully listed on the Abu Dhabi Market on June 3, 2022.
The subscription to “ADNOC Gas” witnessed a record request, recording the highest total demand ever for an IPO in the Middle East and North Africa region so far, as the price-building process through the creation of the book of subscription orders achieved a total value of more than $ 124 billion (equivalent to more than $ 450). billion dirhams).
This historic listing of the fifth company, of which ADNOC has offered a share of its shares for public subscription over the past few years, confirms the unique interest of investor segments, the attractiveness of ADNOC’s world-class assets and its low-carbon energy asset base, and contributes to strengthening Abu Dhabi’s leading position as a destination A preferred investment for global capital.
The ADNOC Gas IPO also represented an attractive investment opportunity and a significant achievement in ADNOC’s ongoing program to create and enhance value, as it confirms ADNOC’s pivotal role in stimulating the growth and development of the local economy and diversifying the investment opportunities offered by the financial markets in the UAE.
