NMDC Energy, a subsidiary of NMDC Group, has officially started trading on the Abu Dhabi Securities Exchange (ADX) after an initial public offering (IPO) that was oversubscribed by 31.3 times.
The company offered a total of 1.15 billion shares, representing 23% of NMDC Energy’s total share capital, at a price of Dh 2.8 per share to eligible investors. The IPO was oversubscribed by 31.3 times, excluding cornerstone investments, attracting a total gross demand of Dh88 billion.
HE Mohamed Hamad Ghanem Hamad Almehairi, Chairman of NMDC Energy, led the bell-ringing ceremony at ADX, marking the start of trading. The event was attended by NMDC Group Chairman H.E. Mohamed Thani Murshid Al Rumaithi, board members of NMDC Group and NMDC Energy, and other distinguished guests.
H.E. Mohamed Hamad Ghanem Hamad Almehairi, Chairman of NMDC Energy, said: “NMDC Energy’s listing is an exceptional achievement that will define the pace for the sector’s engineering, procurement and construction business in Abu Dhabi and beyond. To meet the future demands of the energy sector, we will continue to collaborate with value-add partners that share our forward-thinking mentality. Together, we will keep pushing forward with an unstoppable momentum.”
Yasser Zaghloul, Group CEO of NMDC, added: “Today is a historic day for NMDC Energy, our Group, and the UAE, and it is one that lays the foundation for more great things to come. NMDC’s IPO opens trading today after drawing Dh88 billion in investment locally, regionally, and internationally. On behalf of everyone at our Group, I would like to thank ADX for the opportunity to make history, and I am proud that that today we are a visible example of the Abu Dhabi vision becoming reality.”
Ahmed Al Dhaheri, CEO of NMDC Energy, said: “The success of the NMDC Energy IPO reflects the confidence that the investment community has in our business. They understand the story of NMDC Energy and see immense value in our business, past, present and future. Our IPO listing speaks to a wider shift in our business and in our industry where NMDC Energy is now firmly positioned to have a stake in the energy sector of the future. I would like to personally welcome our investors onboard this new growth journey for NMDC Energy, as it charts an exciting path forward for Abu Dhabi.”
NMDC Group is supported by Alpha Dhabi Holding, a leading investment company in the Middle East and a subsidiary of International Holding Company (IHC).
