On Thursday, state oil gigantic Abu Dhabi National Oil Co (ADNOC) set a price range for an IPO of its gas unit, raising $2 billion and giving ADNOC Gas an equity evaluation of $47 billion to $50.8 billion.

The price range for the unit it created in November by uniting its gas processing arm and its liquefied natural gas secondary was set at 2.25 dirhams ($0.6126) to 2.43 dirhams per share, the company said.

Cornerstone stockholders Abu Dhabi Pension Fund, IHC Capital Holding, Alpha Wave Ventures II, OneIM Fund I, and entities finally controlled by ADQ and the Emirates Investment Expert have made a combined assurance of around $850 million.

ADNOC is marketing unevenly 3 billion shares in its gas commercial, equivalent to about 4% of its issued share capital.

The final offer price is predicted to be declared on March 3, while listing and trading will commence on March 13, the company held.

ADNOC is improving its effort on the gas market as Europe pursues to swap all Russian energy imports as early as mid-2024 after slow supply cuts since Western sanctions were forced on the country over its invasion of Ukraine.

Corporations from the Middle East raised $21.9 billion through IPOs in 2022, more than half the total for the extensive EMEA region, counting Europe and Africa.

Over the past two years, ADNOC has listed Petrochemicals Company Borouge, fertilisers and clean ammonia crops maker Fertiglobe, and ADNOC Piercing. It also plans to glide its logistics and services unit.