Abu Dhabi state gas firm looks to raise $2B in IPO

DUBAI, United Arab Emirates –

Abu Dhabi’s state gasoline firm expects to boost as much as $2 billion by promoting 4% of its shares in an preliminary public providing, the corporate mentioned Thursday.

It mentioned the value vary for the beforehand introduced sale of over 3 billion shares has been set at 2.25 to 2.34 Emirati dirhams, valuing the corporate at as much as $50.8 billion. The subscription interval begins Thursday, with the ultimate supply worth anticipated to be introduced March 3.

The Abu Dhabi National Oil Company has entry to 95% of the UAE’s pure gasoline reserves, the world’s seventh largest. Its gasoline division, often known as ADNOC Gas, provides greater than 60% of the native market and exports to greater than 20 nations.

The gasoline firm had a web earnings of $4.2 billion within the first 10 months of 2022, up from $3.6 billion in all of 2021.

The same IPO by Saudi Arabia’s state-owned oil big Aramco in 2019 raised some $30 billion.

Sultan al-Jaber, the CEO of ADNOC, who additionally oversees renewable power tasks within the United Arab Emirates, was chosen to chair this yr’s COP28 U.N. local weather talks, angering local weather change activists.

Oil and gasoline have powered the UAE’s speedy transformation right into a high-tech international business hub house to the futuristic cities of Dubai and Abu Dhabi, in addition to the world’s busiest airport for worldwide flights. Analysts imagine the Emirates is making an attempt to maximise its income because the world more and more turns to renewables.

The Emirates says it has invested greater than $50 billion in renewable power tasks throughout 70 nations and plans to take a position $50 billion extra within the subsequent decade. It has additionally vowed to develop into carbon impartial by 2050, although it is unclear how it will attain that focus on.