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9/18/24, 1:59 PM NMDC Energy Climbs After Staging UAE’s Biggest IPO of 2024 | AllSides
NMDC Energy Climbs After Staging UAE’s Biggest

IPO of 2024

Markets, Banking And Finance
Posted on AllSides September 11th, 2024

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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.

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