Al Tamimi & Company has advised ADNOC Gas, a large-scale integrated gas processing company, on its initial public offering (IPO) raising approximately AED 9.1 billion (equivalent to approximately USD2.5 billion) which represents the largest-ever listing on the Abu Dhabi Stock Exchange (ADX).
ADNOC Gas’ listing set several major milestones for the Abu Dhabi capital markets, attracting total gross demand of more than AED 450 billion (equivalent to over USD124 billion) representing an oversubscription of 50 times in aggregate.
Al Tamimi & Company acted as legal counsel for ADNOC Gas alongside Gibson Dunn & Crutcher, advising on the complex IPO legal and regulatory process.
Al Tamimi & Company team was primarily responsible for advising ADNOC Gas on all applicable law and regulation for an IPO in the United Arab Emirates (UAE). This involved drafting the local prospectus and being the primary liaison to the Emirates Securities & Commodities Authority and the ADX.
Commenting on the IPO, Al Tamimi & Company’s Head of Capital Markets, Andrew Tarbuck (pictured), said: “We are honoured to have worked with the ADNOC Group and ADNOC Gas teams on this keynote transaction, and it was a pleasure to be a part of an exceptional advisory team delivering a bumper IPO successfully and on time.”
For further information on ADNOC Gas IPO click here