Abu Dhabi - Abu Dhabi National Oil Co (ADNOC) has announced the final price for its initial public offering (IPO), valuing the company at approximately $50 billion and making it the largest listed company in Abu Dhabi.

The share price for ADNOC Gas was set at 2.37 dirhams per share, near the upper end of the price range, according to the statement released by ADNOC.

The IPO raised approximately $2.5 billion, with an order book that exceeded $124 billion, surpassing the demand for Saudi Aramco's 2019 IPO, which was the largest in the world at the time, raising $25.6 billion. ADNOC's decision to increase the stake offered to investors to 5% from 4% due to strong demand for the deal made it Abu Dhabi's largest IPO.

Several investors, including Abu Dhabi Pension Fund, Alpha Wave Ventures II, LP, IHC Capital Holding LLC, OneIM Fund I LP, and entities controlled by sovereign wealth funds ADQ and the Emirates Investment Authority, were cornerstones investors in the IPO, according to ADNOC. ADNOC Gas is set to start trading on March 13.

ADNOC Group's CFO, Khaled Al Zaabi, said the strong interest in the IPO demonstrated the appeal of ADNOC's low-carbon energy asset base and Abu Dhabi as a global capital destination.

The company has raised billions of dollars from listing businesses like ADNOC Drilling and Fertiglobe, as well as from selling stakes in its gas and oil pipeline network. Additionally, it plans to float its logistics and services unit.