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9/6/24, 4:41 PM NMDC Energy's IPO oversubscribed 31 times in lead-up to UAE's biggest listing of 2024 | The National
NMDC Energy's IPO oversubscribed 31 times in lead-up to UAE's biggest listing of 2024

Abu Dhabi contractor will make its debut on the emirate's stock market on September 11

Alvin R Cabral
September 05, 2024

NMDC Energy, a unit of Abu Dhabi contractor National Marine Dredging Company, has

closed its initial public offering which was oversubscribed by more than 31 times, setting

the stage for what is expected to be the UAE's biggest listing of 2024.

The IPO generated total gross demand of about Dh88 billion ($24 billion), met with

"outstanding demand" and became oversubscribed within hours of its launch on August
30, NMDC Energy said in a statement on Thursday.

NMDC Energy is expected to raise Dh3.22 billion by offering 1.15 billion shares, which is

equivalent to 23 per cent of its total share capital, to eligible investors, at Dh2.8 per share.

The company will make its debut on the Abu Dhabi Securities Exchange on September 11,

after a constitutive general assembly meeting on September 9.

That would surpass the $515 million raised by Alef Education in June, but would be

smaller than the healthcare operator Pure Health’s $986 million listing in December last

year.

The listing represents the continuing momentum in the UAE's IPO market and "trust" in

the company, said NMDC group chief executive Yasser Zaghloul.

“This IPO isn’t just a financial milestone ... we are building a legacy that goes beyond

profits; it’s about sustainable growth, technological innovation and pushing the boundaries

of what’s possible in the energy sector," he said.

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