Adnoc L&S IPO: How to subscribe to Abu Dhabi-based company's shares for Dh2

Adnoc Group on Tuesday said its subsidiary Adnoc Logistics and Services would sell a 15 per cent stake and list on the Abu Securities Exchange (ADX). The company has set the price range of Dh1.99 to Dh2.01 per share for the IPO and could raise as much as Dh2.23 billion.

Below is a guide on how to subscribe to the IPO:

It is a subsidiary of Adnoc Group and a vital logistics services provider, offering specialised services across the energy value chain.

The leading receiving banks are First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank and Al Maryah Community Bank.

The subscription period for the retail tranche is open from May 16 to May 23 and May 24 for qualified investors.

Yes. Adnoc Group employees and retirees can submit their applications at the receiving centres set up at Adnoc Head Office, Corniche Street, Abu Dhabi; Sheikh Khalifa Energy Complex and Al Ruwais, Abu Dhabi.

People interested in subscribing to the IPO need an investor number and bank account. The investor number is issued by the Abu Dhabi Securities Exchange.

Investors can apply for the issuance of an investor number on the Abu Dhabi Securities Exchange through one of the following service channels –SAHMI digital platform (for Emirates ID card holders with UAE Pass); accredited brokerage firms; customer service offices at all branches of the Abu Dhabi Securities Exchange;

Individual investors require original Emirates ID card. (For UAE citizens and residents holding Emirates identity); Passport and ID card from the country of residence for foreigners not residing in the Emirates and an International Bank Account Number (IBAN) letter, providing that the bank account is solely in the name of the applicant and not a joint bank account.