Adnoc Gas is a part of Abu Dhabi's energy company and has recently raised $2.5 billion in an IPO. The mere size of this IPO makes it one of the biggest since the start of 2023.
After the news of the successful IPO, the shares in Adno Gas turned bullish and added 25% to their value. Analysts believe that this deal is only a start, and we are highly likely to see more such listings from the Gulf countries in 2023.
Adnoc Gas Shares Trade Near 2.97 AED
The shares of the gas company jumped 25% higher and were last seen trading near the 2.97 AED range. The stock was priced near 2.37 AED, which is pretty much in the middle of the IPO range. A closer look at the company also reveals that around orders worth $125 billion were placed by the investors.
Through the IPO, Adnoc has sold a 5% share in the company to investors. The state-owned company has earned record profits after the Russia-Ukraine war, which shook the global energy market.
Various firms that are linked to the Abu Dhabi state also put $850 million before the final pricing announcement. Overall, the Adnoc Gas IPO was a major success and was cheered by the investors.
If we look at the scale of this IPO in just Abu Dhabi, there's no doubt that it was one of the biggest in the gulf country. This IPO even surpassed the $2 billion deal of Borouge (chemical firm) last year.
Experts believe that Abu Dhabi will remain a cornerstone in the IPO market of the Middle East. According to a government official, around 8 companies are also expected to join the emirate's stock market!
This deal also highlights how the Gulf and middle east countries are now trying to move away from fossil fuels. The inclusion of international markets will help these energy companies to move towards more renewable energy sources in the near future.
But for now, the use of fossil fuels such as crude oil and natural gas will continue to play a major role in the world's energy market.