ADNOC Raises $2.5 Billion in Gas IPO
Abu Dhabi National Oil Co (ADNOC) has netted $2.5 billion from the initial public offering of its subsidiary ADNOC Gas. The biggest-ever issue in Abu Dhabi, topping the $2 billion Borouge listing in mid-2022, was oversubscribed more than 50 times as investors placed offers worth $124 billion for a 5% stake in the United Arab Emirates-based firm.
