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NMDC Energy’s shares surge above 20% on trading

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Story by Kudakwashe Muzoriwa
• 1w • 2 min read

NMDC Energy’s shares surge above 20% on trading debut© Provided by Gulf Business

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 group’s half-year net profit rose by 66 per cent to Dhs1.46bn compared to Dhs881m in the
same period a year ago, while its revenue jumped 79 per cent to Dhs12.1bn. Its assets in the
January-June period increased by Dhs7.7bn to Dhs28.5bn compared to Dhs20.8bn for the
corresponding period in 2023.

https://www.msn.com/en-ae/money/news/nmdc-energy-s-shares-surge-above-20-on-trading-
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