Abu Dhabi – Mubasher: National Marine Dredging Company (NMDC) has closed the initial public offering (IPO) of NMDC Energy, which was oversubscribed by 31.3 excluding cornerstone.
The offering attracted investor interest, generating a total gross demand of AED 88 billion, according to a press release.
NMDC Energy has offered 1.15 billion shares, representing 23% of the total share capital, at AED 2.8 per share. Meanwhile, the IPO will generate AED 3.22 billion for NMDC Group.
At the close of the subscription period, the retail tranche was oversubscribed 600 times, while the professional tranche was oversubscribed by 16.7 times.
Yasser Zaghloul, Group CEO of NMDC, said: “The unprecedented interest we received underscores the market’s trust in NMDC Group’s ability to lead the industries of the future. We are at the forefront of a new era, and this marks the beginning of something extraordinary.”
“The future will see NMDC Energy pioneering solutions that power industries and inspire and uplift communities both regionally and globally,” Zaghloul added.
Ahmed Al Dhaheri, CEO of NMDC Energy, noted: “As we prepare for a new phase as an ADX-listed company, we will build on this milestone by targeting organic and inorganic growth, expanding our geographical reach, as well as creating synergies that drive transformation and innovation across the business.”
NMDC Energy’s constitutive general assembly meeting is scheduled for Monday, 9 September 2024, with trading on the ADX to begin on Wednesday, 11 September 2024. The shares will be traded under the symbol NMDCENR.
First Abu Dhabi Bank (FAB) acted as lead receiving bank and lead manager for the IPO. Abu Dhabi Commercial Bank (ADCB), WIO Bank, and Al Maryah Community Bank LLC were other receiving banks. International Securities LLC was the placement agent and listing advisor. Hadef and Partners were the legal advisors.
