ADNOC Gas gains $9.2bln on first day after IPO at ADX

ADNOC Gas gains $9.2bln on first day after IPO at ADX

ADNOC Gas stocks increased their gains and capital profits to more than AED33.8 billion on the first day of trading after the company’s initial public offering (IPO) at the Abu Dhabi Securities Exchange (ADX).

The company’s market capital rose from AED181.9 billion to AED215.6 billion by the end of today’s trading session, closing at AED2.81 per share, an increase of 18.6 percent compared to the final offering price.

In the first trading day, the stock saw active trades totalling 276.2 million shares worth AED781.9 million through 8,921 executed trades.

Today, the listing and trading of ADNOC Gas shares began at ADX after the successful completion of the largest-ever IPO in the market and the largest in the world so far this year.

The IPO, which raised total proceeds of AED9.1 billion through the Abu Dhabi National Oil Company, ADNOC, gaining a minority stake representing some five percent of the company’s total issued capital, witnessed the strongest demand ever for an IPO in the UAE, with total demand across all segments being more than AED450 billion, exceeding the target value by around 50-fold.