Abu Dhabi state gas firm looks to raise $2B in IPO

DUBAI, United Arab Emirates (AP) — Abu Dhabi’s state gas company expects to raise up to $2 billion by selling 4% of its shares in an initial public offering. The company said Thursday that the price range for the previously announced sale of over 3 billion shares has been set at 2.25 to 2.34 Emirati dirhams. That would value the company at up to $50.8 billion. The subscription period begins Thursday, with the final offer price to be announced March 3. The Abu Dhabi National Oil Company has access to 95% of the UAE’s natural gas reserves, the world’s seventh largest. Its gas division, ADNOC Gas, supplies more than 60% of the local market and exports to more than 20 countries.