Adnoc IPO: Logistics & Services shares jump over 55% on first day of trading

Adnoc Logistics & Services, a subsidiary of Adnoc Group, shares jumped over 55 per cent on the first day of trading on Thursday.

The Abu Dhabi Securities Exchange-listed company’s shares closed at Dh3.13 per share, up by 55.7 per cent from its listing price of Dh2.01 per share.

It touched a high of Dh3.18 per share during the intra-day trading.

In total, its counter recorded 12,359 transactions with 203 million shares changing hands worth Dh614 million, making it the most actively traded stock of the day on the Abu Dhabi bourse.

However, Abu Dhabi Securities Exchange’s main index closed 0.42 per cent lower at 9,366.41 points on Thursday.

Adnoc L&S maintained the trend of companies making strong gains on the first day of trading.

“Adnoc’s six IPOs to date have drawn over $385 billion of total demand, further cementing Abu Dhabi’s standing as a go-to destination for global capital. The record-setting market debut of Adnoc L&S marks the next extraordinary achievement in our ongoing value creation journey,” said Khaled Al Zaabi, group chief financial officer of Adnoc.

Abdulkareem Al Masabi, chief executive officer of Adnoc L&S, said: “In pursuing our major strategic expansion drive, underpinned by up to $5 billion in medium-term capital expenditure, Adnoc L&S will provide investors with exciting growth opportunities, as we decarbonise our operations and deliver on our ambitious roadmap for the future.”

Following massive demand, Adnoc Group hiked the size of the initial public offering (IPO) of the logistics subsidiary from 15 per cent to 19 per cent last month, raising $769 million.

The total number of ordinary shares sold in the IPO amounted to 1.4 billion as compared to 1.1 billion previously.

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