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UAE: NMDC Energy IPO oversubscribed within hours on day 1

The company intends to list its shares on the Abu Dhabi Securities Exchange on Wednesday, September 11

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Web Desk

Published: Fri 30 Aug 2024, 7:00 PM

Last updated: Fri 30 Aug 2024, 7:04 PM

NMDC Group on Friday announced that the Initial Public Offering for 1.15 billion shares in its wholly owned subsidiary, NMDC Energy, has been oversubscribed within hours of the first day of its subscription period.

NMDC Energy, formerly NPCC, is currently wholly owned by NMDC Group. NMDC Energy has a share capital of Dh2.5 billion divided into five billion shares with a nominal value of Dh0.5 each. Offer shares are available to eligible investors at Dh2.8 per share. The subscription period will close on Wednesday, September 4.

NMDC Energy intends to list its shares on the Abu Dhabi Securities Exchange on Wednesday, September 11.

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“Strong early investor interest in the NMDC Energy IPO sends a clear message about confidence in both the solid fundamentals and significant growth potential of the business. This IPO will support the expansion of NMDC Energy, accelerate innovation and deliver long-term value to shareholders,” Yasser Zaghloul, Group CEO of NMDC, said.

The lead receiving bank and lead manager for the IPO is First Abu Dhabi Bank PJSC. Other receiving banks for the IPO are Abu Dhabi Commercial Bank PJSC, WIO Bank PJSC, and Al Maryah Community Bank LLC. The placement agent for the IPO and listing advisor for NMDC Energy is International Securities LLC.

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Web Desk

Published: Fri 30 Aug 2024, 7:00 PM

Last updated: Fri 30 Aug 2024, 7:04 PM

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