Adnoc Gas has raised US$2.84 billion from a marketed offering of 4% of its shares. The shares were sold by parent company Abu Dhabi National Oil Company ( Adnoc ).

This was the first marketed offering in the United Arab Emirates and the largest placement on the Abu Dhabi ADX to date.

The deal was led by EFG Hermes, the leading regional investment bank in the Middle East and North Africa.

EFG Hermes acted as joint global coordinator and joint bookrunner for the offering, facilitating Adnoc's strategic move to enhance Adnoc Gas’ liquidity and free float.

The transaction saw exceptional demand from institutional investors across the Gulf Cooperation Council ( GCC ) and internationally.

“This successful transaction underscores the robust demand for Adnoc Gas shares, and highlights the continued investor confidence in the company’s track record and growth trajectory," says Ali Khalpey, head of equity capital markets at EFG Hermes.

Recent EFG Hermes’ transactions in the GCC equity capital markets include the firm taking a role in major secondary offerings in 2024, including the Aramco follow-on offering and two accelerated bookbuild offerings on Adnoc Drilling.