Adnoc Gas, a subsidiary of Abu Dhabi’s main energy company, surged in its trading debut after raising $2.5 billion in the world’s biggest initial public offering this year.
The deal starts what’s likely to be a flurry of listings out of the Gulf, following on from last year’s strong showing.
Shares of Adnoc Gas rose as much as 25% to 2.97 dirhams in early trading in the emirate. The stock priced at 2.37 dirhams per share, roughly the middle of the marketed IPO range, even though investors placed almost $125 billion of orders.
