ADNOC announced on Thursday it has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give ADNOC Gas an equity valuation of $47 billion to $50.8 billion.
ADNOC is selling roughly 3 billion shares in its gas business, equivalent to about 4% of its issued share capital.
At the top of the range, ADNOC would raise roughly $2 billion from the sale, according to Reuters calculations.
The final offer price is expected to be announced on March 3, while listing and trading is expected to commence on March 13, the company said.
Reuters noted in a report that ADNOC is sharpening its focus on the gas market as Europe seeks to replace all Russian energy imports as early as mid-2024 after gradual supply cuts since Western sanctions were imposed on the country over its invasion of Ukraine.
Over the past two years, ADNOC has listed petrochemicals company Borouge, fertilisers and clean ammonia products maker Fertiglobe, and ADNOC Drilling . It also plans to float its logistics and services unit.