RIYADH: The share price of ADNOC Gas, a subsidiary of Abu Dhabi National Oil Co., surged more than 20 percent in its first debut minutes on the Abu Dhabi Securities Exchange market. The company’s initial public offering was priced at 2.37 dirhams ($0.65) and rose to 2.84 dirhams, bringing the company’s market value to 217.9 billion dirhams, according to ADX data. ADNOC Gas offered 3.84 billion shares in its listing, representing 5 percent of the company’s total shares, and raised $2.5 billion through its offering. The company took the position of largest IPO on the Abu Dhabi Stock Exchange surpassing Borouge, another ADNOC subsidiary. “As ADNOC Gas moves into life as a listed company, we remain focused on our clear growth strategy, underpinned by upstream capacity expansion, which will allow us to process and deliver increased volumes to customers, further enhancement of our product mix and ensuring we deliver for our growing number of international customers as demand for gas continues to increase,” said Ahmed Alebri, acting chief executive of ADNOC Gas. ADNOC Gas has access to 95 percent of the UAE"s natural gas reserves, estimated to be the seventh largest globally. It also supplies more than 60 percent of the UAE"s gas needs. The company taps into 10 billion cubic feet per day of gas-processing capacity while operating eight gas-processing sites and a pipeline network of more than 3,250 kilometers. The company expects to pay dividends of more than $1.62 billion in the fourth quarter of 2023 in respect of the first half of this fiscal year which ends in December. It expects to pay a further dividend of more than $1.62 billion in the second quarter of 2024 in respect of the second half of this year. ADNOC Gas marks ADNOC’s fifth company to go public while the parent company continues to own 90 percent of its subsidiary.