The government-owned gas utility of Abu Dhabi anticipates raising up to $2 billion by selling 4% of its stock in an IPO, the company announced.
The company might be worth up to $50.8 billion at the price range chosen for the previously announced sale of over 3 billion shares, which is 2.25 to 2.34 Emirati dirhams, according to the statement. The subscription period starts, and on March 3 the final offer price is anticipated to be revealed.
95% of the UAE's natural gas reserves, which rank seventh in the world, are accessible to the Abu Dhabi National Oil Corporation. Its gas division, known as ADNOC Gas, supplies more than 60% of the local market and exports to more than 20 nations.
The gas company's net income increased from $3.6 billion for the entire year of 2021 to $4.2 billion for the first ten months of 2022.
The state-owned oil company of Saudi Arabia, Aramco, raised almost $30 billion in a comparable IPO in 2019.
Climate change campaigners were outraged when Sultan al-Jaber, the CEO of ADNOC and the man in charge of renewable energy initiatives in the United Arab Emirates, was chosen to preside over this year's COP28 U.N. climate negotiations.
The UAE has quickly developed into a high-tech global economic hub, home to the futuristic cities of Dubai and Abu Dhabi as well as the busiest airport in the world for international flights, thanks to the oil and gas industry. Experts contend that as the world's reliance on renewable energy grows, the Emirates is attempting to maximise its earnings.
The Emirates claims to have spent more than $50 billion on renewable energy projects in 70 different nations and has plans to spend an additional $50 billion over the next ten years. It has also promised to achieve carbon neutrality by 2050, though it's not obvious how it would do so.