Dana Gas, a firm set up by a group of energy companies in the UAE, will launch a 2.06 billion dirham ($561 million) initial public share offering on September 20.

The IPO, which will represent 34.33 per cent of the firm’s capital of 6 billion dirhams, will close on October 2.
The shares are priced at 1 dirham each, in addition to a share offering cost of 1 fils.
Dana Gas will be 65.7 per cent owned by its founders, including Crescent Petroleum, shareholders of Sajaa Gas Ltd and United Gas Transmissions Co.
Dana will start with gas supply, transportation, processing and marketing assets.
Part of the Dana Gas business is likely to involve importing cheap gas across the Gulf from Iran under a deal between Dana shareholder Crescent and the National Iranian Oil Company.
HSBC will be lead manager for the IPO. Nearly a third of the offering, aggregating 700 million dirhams, has been reserved for small investors who are citizens of the GCC, according to a statement.
The other portion of the IPO aggregating 1.27 billion dirhams will be allocated for “wholesale investors” of all nationalities. Ninety million shares have been set aside for charitable causes.
Each investor in the first tranche will receive a planned guaranteed allocation of 3,000 shares. Small investors must apply for between a minimum of 5,000 shares and a maximum of 75,000. Dana would list its shares on the Abu Dhabi stock market and then on other Gulf exchanges.