Abu Dhabi-based NMDC Energy PJSC, a provider of engineering, procurement, and construction services for both offshore and onshore energy clients, has officially begun trading on the Abu Dhabi Securities Exchange (ADX). This follows a highly successful Initial Public Offering (IPO) that was oversubscribed by 31.3 times.
Mohamed Hamad Ghanem Hamad Almehairi, Chairman of NMDC Energy, presided over the ADX bell-ringing ceremony, marking the official opening of the market. The event was attended by NMDC Group Chairman Mohamed Thani Murshid Al Rumaithi, board members from both NMDC Group and NMDC Energy, along with distinguished guests who gathered to celebrate the successful completion of the NMDC Energy IPO and its new status as a publicly listed entity.
IPO details and share allocations
The offering consisted of 1.15 billion shares in NMDC Energy, accounting for 23 percent of the total share capital, priced at AED2.8 per share for eligible investors. The final allocations included approximately 0.17 percent for retail investors and 6 percent for professional investors, WAM reported.
Vision for the future
Mohamed Hamad Ghanem Hamad Almehairi, chairman of NMDC Energy, expressed that the company’s listing represents an exceptional achievement that will set the standard for the engineering, procurement, and construction sector in Abu Dhabi and beyond. He emphasized the importance of continuing to collaborate with value-added partners who share a forward-thinking approach to meet the future demands of the energy sector. Additionally, he indicated that together, they would maintain a strong momentum moving forward.
Acknowledging investment confidence
Yasser Zaghloul, group CEO of NMDC, stated that the company’s IPO commenced trading after attracting AED88 billion in investments from local, regional, and international sources. Furthermore, he expressed gratitude on behalf of the entire group to ADX for the opportunity to make history and conveyed pride in being a tangible example of Abu Dhabi’s vision coming to fruition.
Welcoming investors to a new journey
Ahmed Al Dhaheri, CEO of NMDC Energy, noted that the success of the NMDC Energy IPO reflects the trust that the investment community places in the company. He noted that investors recognize the value of NMDC Energy’s story, encompassing its past, present, and future. He further highlighted that the IPO listing signifies a broader transformation within the business and the industry, positioning NMDC Energy to play a significant role in the future of the energy sector. He also expressed a personal welcome to investors joining NMDC Energy on this new growth journey, emphasizing the exciting path ahead for Abu Dhabi.
Read more: NMDC Energy IPO oversubscribed 14 times in four days
Strategic partnerships and advisors
International Securities LLC served as the placement agent and listing advisor, while First Abu Dhabi Bank PJSC acted as the lead receiving bank and lead manager for the IPO. Moreover, other receiving banks included Abu Dhabi Commercial Bank PJSC, WIO Bank PJSC, and Al Maryah Community Bank LLC. Legal counsel was provided by Hadef and Partners.
For more news on markets, click here.
