Dubai: As expected, ADNOC Gas has set the final IPO price on the higher side of its range,  at Dj2.37 per share. It had set the range at Dh2.25-Dh2.43 earlier.

This implies a market cap (at the time of listing on ADX) of around $50 billion, or approximately Dh182 billion. The decision to price offer price closer to the top of the range followed 'significant demand from both local and international investors'.

The total offer size will thus be around $2.5 billion - or Dh9.1 billion. "This confirms that, post-Admission, the IPO will be the largest-ever listing on the ADX, surpassing that of another ADNOC group company, Borouge plc,"  said a statement.

More to follow...