Shares in the United Arab Emirates' ADNOC Gas rose 19 percent in their first day of trading on Monday in a $2.5-billion initial public offering.
AFP/Giuseppe Cacace
ADNOC Gas, a subsidiary of state-owned energy giant Abu Dhabi National Oil Company , closed at 2.82 dirhams after opening at 2.37 and briefly hitting 2.96 on the Abu Dhabi stock exchange. At more than 50 times oversubscribed, it was the biggest demand ever seen for an initial public offering in the Middle East and North Africa, outstripping oil firm Saudi Aramco's world-record $29.4-billion listing just over three years ago.
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