Dubai: UAE's first IPO of the year has been announced, with ADNOC Gas set to offer more than 3 billion of its shares and list Abu Dhabi Securities Exchange (“ADX”).

ADNOC intends to offer approximately 4 per cent of ADNOC Gas’ issued share capital in the offer as part of the UAE Retail Offering, to: (a) individuals and other investors in the UAE; (b) employees of ADNOC group companies residing in the UAE; and (c) UAE National retirees of ADNOC group companies residing in the UAE; and to qualified institutional and other investors.

ADNOC retains the right to amend the size of the offer.

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