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May 20, 2024

Abu Dhabi’s ADNOC Gas shares up 18% over IPO price

 

Shares of ADNOC Gas jumped about 18% over its listing price in the Abu Dhabi market debut on Tuesday.

ADNOC Gas’ shares traded at 2.8 dirhams ($0.7625) apiece, versus its initial public offering price of 2.37 dirhams.

State-backed oil giant Abu Dhabi National Oil Co (ADNOC) had earlier this month, raised about $2.5 billion through a sale of roughly 5% of its gas business in an IPO.