NMDC Energy, a wholly owned subsidiary of NMDC Group, recently announced that its initial public offering (IPO) of 1.15 billion shares had been oversubscribed 14 times by day four of its subscription period following the weekend. The company also said that subscription will close on Wednesday, September 4, 2024.
IPO to support NMDC Energy’s expansion
Since the IPO announcement, NMDC Group’s shares on ADX have risen over 9 percent to their highest level since March.
“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,” group CEO Yasser Zaghloul said.
NMDC Energy is currently wholly owned by NMDC Group, which boasts a solid track record of robust revenue growth. The group is on track to maintain growth with the support of Alpha Dhabi Holding, a subsidiary of International Holding Company (IHC).
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Company prices share at AED2.8
NMDC Energy has a share capital of AED2.5 billion divided into five billion shares with a nominal value of AED0.5 each. The company said that offer shares are available to eligible investors at AED2.8 per share.
NMDC Energy intends to list its shares on the Abu Dhabi Securities Exchange (ADX) on Wednesday, September 11, 2024, marking a significant milestone in its growth journey.
NMDC Energy also announced that the lead receiving bank and lead manager for the IPO is First Abu Dhabi Bank PJSC. Other receiving banks for the IPO include 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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