Abu Dhabi National Oil Company (ADNOC) announced the final pricing of its gas business IPO on Friday, pricing it at 2.37 dirhams per share, near the higher end of the range indicated earlier.

The national oil major announced on February 27 that it would increase the stake offered to investors in ADNOC Gas’s initial public offering (IPO) from 4% to 5% due to solid demand for deals.

A company statement said the IPO raised $2.5 billion, implying a market capitalisation of about $50 billion.

ADNOC Gas is expected to be listed and starts trading on March 13.