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9/18/24, 1:58 PM NMDC Energy’s shares surge above 20% on trading debut
Home UAE Abu Dhabi
NMDC Energy’s shares surge above 20%
on trading debut
The construction and dredging services firm offered 1.15 billion shares in NMDC
Energy, and the offering was 31.3 times oversubscribed
BY KUDAKWASHE MUZORIWA
SEPTEMBER 11, 2024
Image credit: Emirates News Agency
Shares of NMDC Group’s energy unit, NMDC Energy, soared on its trading debut on Wednesday
after the company raised $877m (Dhs3.22bn) in what is the UAE’s biggest listing so far this year.
NMDC Energy ’s shares started trading at Dhs3.35, against its initial public offering (IPO) price of
Dhs3.15, rising as much as 20 per cent, valuing the company at $4.3bn (Dhs15.8bn) as at 11.30
am GST.
The construction and dredging services firm offered 1.15 billion shares in NMDC Energy , and the
offering was 31.3 times oversubscribed, excluding cornerstone investors, receiving Dhs88bn in
demand.
https://gulfbusiness.com/nmdc-energy-surges-20-on-adx-trading-debut/ 1/2
