With a market capitalization of $62.68 billion

ADNOC Gas Enters World's Top 20 Oil and Gas Companies

ADNOC Gas' share price has risen 26.6% since its listing on the Abu Dhabi Securities Exchange. Archival

After two weeks of trading on the Abu Dhabi Securities Exchange (ADX), ADNOC Gas has secured its place among the top 20 stocks of the world's largest oil and gas companies.Following the success of the largest global initial public offering (IPO) this year for ADNOC Gas, which raised $2.5 billion, the market value of the company's shares, which was listed two weeks ago on the Abu Dhabi Securities Exchange, rose to AED 230.2 billion ($ 62.68 billion) at the end of last Friday from AED 181.9 billion ($ 49.53 billion). At the time of the listing, it gained 48.3 billion dirhams ($ 13.15 billion).The market value of ADNOC Gas's share rivaled the world's largest oil and gas companies, as it became larger than the market value of the American company Occidental Petroleum, which currently stands at about $ 52.54 billion, and exceeded the market value of the Italian company Eni, which is about $ 44.26 billion. ADNOC Gas was able to occupy the 18th place globally in the list of major international oil and gas companies, to come after the Brazilian Petrobas Oil Company, which has a market value of $ 63.26 billion, followed by the American Ego Resources, which has a market value of $ 61.99 billion, and Canadian Natural Resources, with $ 56.5 billion. ADNOC Gas' share price has risen by 26.6% since the listing, with a gain of AED 0.63, to reach the level of three dirhams at the end of last Friday's trading, compared to the offer price of AED 2.37, attracting more than AED 1.6 billion, after trading on 563.9 million shares through the execution of more than 24.1 thousand transactions. The company, which was established on December 2022, 50, succeeded in exceeding the target value of the total demand value by about 124 times, exceeding $ 4 billion, which prompted it to increase the percentage of offered shares from 5% to 2%. The final offer price was set at AED 37.2 per share, while the IPO price range was between AED 25.2 and AED 43.<> per share.

Based on the final offering price, the total size of the offering was about $2.5 billion, while the market capitalization, at the time of acceptance of the listing, was estimated at about $50 billion.