UAE's ADNOC Gas stock surges to Dh2.8 in initial minutes of ADX listing after mega-IPO
ADNOC entities on ADX close in on combined market cap of $100b
Dubai: As expected, the ADNOC Gas stock shot up immediately in the opening minutes of its listing on ADX, hitting Dh2.8 against the offer price of Dh2.37 - that's up more than 20 per cent within the first 10 minutes. It is in line with gains made by ADNOC entities such as Fertiglobe and Borouge on their opening day as a listed company.
This is also the largest ever listing on ADX, surpassing the record held by fellow ADNOC entity Borouge, which went live in June 3, 2022.
By 10.10am, ADNOC Gas had done volumes of 125 million shares for a combined Dh353 million. The strong opening ensures that ADNOC owned or JV entities on ADX - there are five of them now - is closing in on the $100 billion (Dh367 billion) mark in combined market cap.
The Dh9.1 billion IPO was over-subscribed 50x times to pull in more than Dh450 billion. ADNOC has its fuel retail entity ADNOC Distribution as well as ADNOC Drilling on the ADX hustings, apart from Borouge and Fertiglobe.
On Monday (March 13), all of the action on ADX is centered around ADNOC Gas, with other blue-chips slightly down. The wider Abu Dhabi index is down 3.8 per cent in the year-to-date.
ADX's next listing
Meanwhile, subscriptions opened for the next ADX listing, that of presight.ai, a G42 holding company for all its high-tech and AI subsidiaries. It will close on March 17. The shares, offered at Dh1.34 apiece, are to list on ADX on March 27.
Presight’s revenue hit $423 million in 2022, up 16 per cent year-on-year. This 'resulted from a material growth in Presight’s customer order book comprising long-term recurring customer contracts'.