Abu Dhabi: ADNOC Gas has raised the IPO size from 4 per cent to 5, making available 3.84 billion shares from 3.07 billion, according to WAM. This makes it the largest ever listing on ADX, and comes after the float reached instant over-subscription within hours of the opening on February 23.

The company's decision to increase the size of the IPO was based on significant demand from investors across all tranches. The first tranche – for retail investors - has been increased to 12 per cent, and the third expanded to 4 per cent, while 84 per cent of the offering, equivalent to around 3.2 billion shares, are reserved for qualified investors. The offering's price range is set between Dh2.25-Dh2.43 per share, implying an equity value of $47 billion to $50.8 billion.

The final offering price will be revealed on March 3.

Khaled Al Zaabi, CFO of ADNOC Group, said, “The increase in offering size reflects the attractiveness of ADNOC Gas shares as an investment opportunity, and the company looks forward to welcoming local and international investors to participate in its future growth and development. This listing is a significant achievement and milestone in the growth and development of the local financial markets, demonstrating Abu Dhabi's ability to attract a diverse group of global capital.”