03 Jumada II 1446 - 4 December 2024
    
Sign up for newsletter
Eye of Riyadh
Business & Money | Saturday 31 August, 2024 5:05 am |
Share:

NMDC Group’s IPO of NMDC Energy oversubscribed within hours of Day 1

NMDC Group – P.J.S.C. (ADX: NMDC) announced today that the Initial Public Offering (IPO or Offering for 1.15 billion shares (Offer Shares) in its wholly owned subsidiary, NMDC Energy – P.J.S.C. (NMDC Energy) has been oversubscribed within hours of the first day of its subscription period.

 

NMDC Energy (formerly NPCC) is currently wholly owned by NMDC Group, boasting a solid track record achieved through robust revenue growth, which is backed by IHC unit Alpha Dhabi Holding. NMDC Energy has a share capital of AED 2.5 billion divided into five billion shares with a nominal value of AED 0.5 each. Offer Shares are available to eligible investors at AED 2.8 per share. The subscription period will close on Wednesday, 4 September 2024. NMDC Energy intends to list its shares on the Abu Dhabi Securities Exchange (ADX) on Wednesday, 11th September 2024.

 

Yasser Zaghloul, Group CEO of NMDC, said: “Strong early investor interest in the NMDC Energy IPO sends a clear message about confidence in both the solid fundamentals and significant growth potential of the business. This IPO will support the expansion of NMDC Energy, accelerate innovation and deliver long-term value to shareholders.”

 

The lead receiving bank and lead manager for the IPO is First Abu Dhabi Bank PJSC. Other receiving banks
for the IPO are Abu Dhabi Commercial Bank PJSC, WIO Bank PJSC, and Al Maryah Community Bank LLC. The placement agent for the IPO and listing advisor for NMDC Energy is International Securities LLC.

 

Share:
Print
Post Your Comment
ADD TO EYE OF Riyadh
RELATED NEWS
NMDC Group to list NMDC Energy on ADX
NMDC Group to list NMDC Energy on ADX
Sunday 25 August, 2024 11:46
MOST POPULAR