Abu Dhabi, Feb. 23 (BNA): ADNOC Gas announced today the price range for the offering and the opening of the subscription period for the IPO on the Abu Dhabi Securities Exchange.
The price range for the offering has been set between AED 2.25 and AED 2.43 per share, which means that the value of the shares ranges from $47.0 billion to $50.8 billion (AED 172.7 billion to AED 186.5 billion), Emirates News Agency (WAM) reported. ).
The 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 capital, with the selling shareholder retaining the right to adjust the size of the offering at any time before the end of the year. Subscription period, subject to the laws in force in the United Arab Emirates and the approval of the Securities and Commodities Authority.
Assuming all shares offered are sold, the offering size will be approximately $1.9 billion to $2.0 billion (AED 6.9 billion to AED 7.5 billion).
The final bid price is expected to be announced on March 3.
The offer is available to the following subscribers to the UAE retail offer for individuals and other investors in the UAE; employees of ADNOC Group companies residing in the United Arab Emirates; Emirati retirees from ADNOC Group companies residing in the United Arab Emirates.
It is also available to qualified investors and other investors in a number of countries, including the United Arab Emirates (Qualified Investor Offer).
The subscription period for the offering opens today, February 23, and will continue until March 1, for the retail offering in the UAE.
The Offering Registry Building Period begins on February 23 and will run through March 2 for the Qualified Investor Offering.
The offering and acceptance is currently expected to be completed on Monday 13 March, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including acceptance approval.
Allotment notifications for retail display in UAE will be sent out on 8th March with refund of surplus investments, and allotment letters will also start to be sent from 8th March.
ZHB