The Abu Dhabi National Oil Company (ADNOC) is eyeing a valuation of at least $50 billion for its gas business slated to float this quarter, two sources familiar with the matter said, setting the stage for one of the most highly anticipated stock market listings this year.
The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas subsidiary into a single listed entity.
ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public. They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March.The company 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.
At $50 billion and above, ADNOC Gas' valuation would be broadly comparable to Italian energy group Eni
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