Page 77 - ALEF EDUCATION PR REPORT SEPTEMBER 2024

9/18/24, 1:58 PM NMDC Energy Climbs After Staging UAE’s Biggest IPO of 2024 – BNN Bloomberg
NMDC Energy Climbs After Staging UAE’s Biggest IPO of 2024

By Omar El ChmouriSeptember 11, 2024 at 2:38AM EDT
(Bloomberg) -- The energy unit of NMDC Group, a provider of construction and dredging services mainly to the
energy industry, jumped in its Abu Dhabi trading debut after raising 3.22 billion dirhams ($877 million) in the
United Arab Emirates’ biggest initial public offering this year.
The shares opened at 3.35 dirhams, according to the stock exchange’s website, up 20% from the offer price of
2.8 dirhams apiece. The offering was 31.3 times oversubscribed, excluding cornerstone investors, receiving 88
billion dirhams in demand — and valuing the firm at $3.81 billion.
NMDC Energy’s sale was the biggest one in the UAE this year, eclipsing the $515-million share offering in Alef
Education Holding Plc. Listing activity in the Persian Gulf gathered pace since 2021 as governments sold stakes
in state-owned businesses to reduce their reliance on the energy sector.
NMDC has this year won contracts from the UAE’s biggest energy company, Abu Dhabi National Oil Co., to
work on projects such as a $200 million dredging contract for a natural gas export facility. The company has
previously invested in the IPOs of Adnoc’s gas and logistics units.
©2024 Bloomberg L.P.

https://www.bnnbloomberg.ca/business/company-news/2024/09/11/nmdc-energy-climbs-after-staging-uaes-biggest-ipo-of-2024/ 1/1