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25 April 2024

ADX market cap surges to AED2.884 trillion as ADNOC Gas starts trading Sunday

Published
By WAM

The Abu Dhabi Securities Exchange (ADX)’s market capitalisation is set to surge to the AED2.884 trillion as ADNOC Gas debuts tomorrow on the First Market - First Category, starting Monday, 13th March.

The bourse market cap will rise with the listing of ADNOC Gas from AED2.702 trillion by end of lasting trading session on Friday to AED2.884 trillion tomorrow for the first time in its history, as the market keeps luring more initial public offerings in an effort to further strengthen the UAE's financial standing on a regional and international scale.

The final offer price for the shares in ADNOC Gas offered by ADNOC via the Offering has been set at AED2.37 per share, implying a market capitalisation (at the time of Admission) of ADNOC Gas of approximately US$50 billion (equivalent to approximately AED182 billion).

The price range for the IPO was previously set between AED2.25 to AED2.43 per share, meaning that the Offering was priced towards the top end of the previously announced price range of the Offering, following significant demand from both local and international investors.

Based on the final offer price, the total offering size is approximately US$2.5 billion (equivalent to approximately AED9.1 billion).