The United Arab Emirates’ national oil company plans to raise $2 billion or more by listing its natural gas business in what could the largest initial public offering so far this year.
Abu Dhabi National Oil Co. will offer a 4% stake in Adnoc Gas, formed through a merger of liquefied natural gas and gas-processing arms. The IPO will start on Feb. 23 and the final offer price will be on March 3, with trading slated to start 10 days later.
The deal should give Adnoc Gas a valuation of at least $50 billion, according to people familiar with the matter. That would make it one of the world’s biggest listed gas firms and roughly on a par with Eni SpA and Occidental Petroleum Corp.
Adnoc Gas expects to pay dividends of $3.25 billion for 2023. It made record adjusted underlying earnings of $8.7 billion in the year through October 2022. The strong performance came as global gas prices soared after Russia invaded Ukraine and Europe rushed to secure supplies from other countries.
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