The ADNOC Gas IPO could be the first of a string of public offerings in the Middle East.
from the initial public offering of its gas business. Until now, this is the biggest listing of 2023, showing that the Middle East, especially the UAE, Qatar and Saudi Arabia, are in the spotlights of international finance. ADNOC also reiterated that the IPO has been 50X oversubscribed, as more than $124 billion worth of orders by investors have been received for the 5% stake in ADNOC Gas. The national oil company, which is the parent of ADNOC Gas, has priced the shares at 2.
The main driver behind the extremely high interest in ADNOC Gas is the global energy crunch, a big part of which is the gas market related. The impact of Russia’s war in Ukraine, combined with Western sanctions on Moscow, and the debilitating effects of renewables not being able to fill the gap left by Russia in Europe are the main drivers behind the gas crisis. For ADNOC Gas, the gas supply crunch is reflected in its financial figures for FY2021-2022, which show record earnings of $8.
ADNOC Gas will be focusing on reaping the rewards of Abu Dhabi’s gas reserves, which are the world’s 7More IPO-related news can be expected in the next few months as other parties in the region will have been looking at the results and appetite of investors for hydrocarbon-related assets. Without any question, Qatar will be reassessing its options, as the world’s largest gas exporter is looking to retain its dominant role.
The most surprising offering then could come from Aramco. As Saudi Crown Prince Mohammed bin Salman has been playing with the idea to offer more shares to the public, and the success of the ADNOC Gas IPO will not go unseen in Riyadh. A possible sale of another 2.5-5% of Aramco could be a very attractive proposition for the Saudis.
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