Abu Dhabi National Oil Company (ADNOC) is to raise up to US$2bn through an IPO of its new gas unit that would set a valuation of US$47bn and US$50.8bn.
The ADNOC Gas subsidiary, created in November, produces around 10bn cubic feet per day of gas and operates gas infrastructure.
The IPO is being supported by cornerstone investors which have already committed to provide at least US$850mln of the placing shares. Overall, the IPO shares are expected to represent around 4% of the company’s equity.
It is expected that the gas company will be listed and begin trading in mid-March.
ADNOC is one of the world’s largest oil producers, and, is one of the largest state-backed oil companies. It produces over 4mln barrels of crude oil per day.