Page 79 - ALEF EDUCATION PR REPORT SEPTEMBER 2024
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9/18/24, 1:58 PM NMDC Energy soars 20% on debut after UAE’s largest IPO of 2024
The IPO for NMDC Energy involved the sale of 1.15 billion shares, which were
31.3 times oversubscribed, with total demand reaching 88 billion dirhams,
according to a press release.
Thi s strong debut underscores investor condence in the company’s future and
reinforces ADX as a pivotal platform for growth opportunities.
The successful IPO also aligns with ADX’s objective to expand market oerings
and foster sustainable economic development in the UAE, according to the
press release.
Abdulla Salem Al-Nuaimi, group CEO of ADX, said: “We are pleased to welcome
NMDC Energy to ADX, furthe ring our vision of a dynamic and diversied capital
market. With its expertise in the energy sector and innovative track record,
NMDC Energy strengthe ns our market and oers investors access to the UAE’s
sustainable growth. ”
He added: “The 88 billion dirha ms demand for this listing re
ects investor trust
in ADX and underscores our role in portfolio diversication for our investors
and issuer growth. As ADX’s sixth oering this year, it reinforces Abu Dhabi’s
commitment to economic diversication, positioning the nancial market as a
key driver of sustainable development.”
In the rst ha lf of 2024, UAE IPO proceeds reached $1.3 billion, a 67 percent
drop from last year, with ADX contributing $515 million, or 14 percent, of the
total Gulf Cooperation Council IPO funds.
“Today marks a key milestone, not just for NMDC, but also for Abu Dhabi’s
energy sector. Following a hi ghl y successful IPO, we are proud to list NMDC
Energy on ADX and embark on an exciting new path forward,” said Ahmed Al-
Dha he ri, CEO of NMDC Energy.
Establishe d in 1973, NMDC Energy — formerly National Petroleum Construction
Co. — serves major clients like Abu Dhabi National Oil Co. and Saudi Arabian
Oil Co.
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