NMDC Group has announced the successful closing of the initial public offering (IPO) of NMDC Energy. The IPO was oversubscribed by 31.3 times, excluding cornerstone investments, attracting a total gross demand of Dh88 billion.
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 offering will bring in Dh3.22 billion for NMDC Group.
The IPO, which launched on 30 August 2024, saw outstanding demand and was oversubscribed within hours. The Retail tranche was oversubscribed 600 times, while the Professional tranche saw oversubscription by 16.7 times.
“This IPO isn’t just a financial milestone—it’s a bold statement about who we are and where we’re going,” said Yasser Zaghloul, Group CEO of NMDC. “The unprecedented interest we received underscores the market’s trust in NMDC Group’s ability to lead the industries of the future. We are at the forefront of a new era, and this marks the beginning of something extraordinary.”
Ahmed Al Dhaheri, CEO of NMDC Energy, added, “The immense investor interest in our IPO clearly demonstrates that the market understands the value and potential of NMDC Energy. Additionally, this IPO consolidates the UAE’s position as a leader in supplying the world’s energy needs.”
NMDC Energy will begin trading on ADX on Wednesday, 11 September 2024, subject to necessary conditions and approvals. The shares will trade under the symbol NMDCENR.
